According to this year’s Africa Wealth Report, published by British investment consulting firm Henley & Partners, only three countries control more than half of Africa’s total wealth. South Africa, Egypt, and Nigeria, with private wealth of 651 billion USD, 307 billion USD, and 228 billion USD respectively, represent a combined total of 1,180 billion USD. This accounts for 56 % of Africa’s total wealth, which is 2,100 billion USD.

South Africa, Egypt, and Nigeria dominate the ranking

The richest countries in Africa are South Africa, Egypt, and Nigeria. Morocco and Kenya are the top five African countries, with total private wealth of 125 billion USD and 91 billion USD, respectively.

Globally, South Africa, Nigeria, and Egypt rank among the top 15 countries. South Africa is in fifth place internationally, with a 38 % increase in 2021. Nigeria is in seventh place with a growth of 15 %, and Egypt is in fourteenth place with a growth of 25 %.

To illustrate the influence of the ten richest nations on the continent’s total wealth, South Africa, Egypt, and Nigeria have experienced negative private wealth growth rates of -12 %, -23 %, and -27 % over the past decade. This has led to a 7 % drop in Africa’s wealth growth since 2011. South Africa has more millionaires per capita than any other African country.

10 African countries in terms of private wealth in 2022

In Africa, there are approximately 136,000 people with a net worth of one million USD or more. However, only 6,700 have a net worth exceeding 10 million USD. Only 305 Africans have individual assets worth at least 100 million USD, and only 21 billionaires are listed on the continent.

Johannesburg, Cairo, Cape Town, Lagos, and Nairobi have the highest concentrations of dollar millionaires, with 16,000, 8,200, 6,900, 5,500, and 5,400 residents, respectively. Mauritius is the fastest-growing wealth market in Africa in terms of percentage, with a 74 % expansion between 2011 and 2021. The island also has the highest per capita wealth in Africa, at 34,500 USD.

Africa’s future wealth

According to New World Wealth, Africa will see a 38 % increase in its wealth over the next decade. East African countries are likely to lead the way, with estimated growth of over 60 % in Rwanda and Uganda by 2031, and over 50 % in Zambia and Kenya. This growth will be fueled by the rapid expansion of technology and professional services sectors.

South Africa is the largest luxury market in Africa regarding revenue, closely followed by Kenya and Morocco. Over the next decade, the African wealth management market is expected to grow by 60%.

7 most expensive cities to live in Africa

According to a 2022 Statista analysis, Kampala is the most expensive place to live in East Africa. During this same period, Dakar, Senegal, was ranked as the most expensive city in Africa due to the high cost of consumer goods. Nairobi is not among the most expensive cities in Africa.

1. The cost of living index in Dakar, Senegal, is 50.87

2. The capital of Ethiopia, Addis Ababa, has a cost of living index of 50.49

3. The cost of living index in Abidjan, Ivory Coast, is 47.06

4. Harare, Zimbabwe, has a cost of living index of 45.69

5. Johannesburg, South Africa, has a cost of living index of 44.87

6. The cost of living index in Pretoria, South Africa, is 42.76

7. The cost of living index in Gaborone, Botswana, is 42.7