Africa’s millionaire population will rise by 42% over the next decade

By Tosin 'Badeniyi, PhD
- April 3, 2023

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Published annually by Henley & Partners – the world leader in residence and citizenship by investment – in partnership with wealth intelligence firm New World Wealth, The Africa Wealth Report serves as the definitive guide to Africa’s wealth and luxury sector.

As per the 2023 edition of the report, the millionaire population of Africa is expected to surge by 42% over the next decade, reaching a total of 195,000 individuals by the year 2032. The financial services, manufacturing, technology, entertainment, tourism, and healthcare sectors are anticipated to drive strong growth among high net worth individuals (HNWIs) in the region.

Despite a challenging decade, South Africa still leads as the African country with at least twice as many HNWIs as any other, with 30% of the continent’s centi-millionaires. Meanwhile, Egypt boasts the highest number of billionaires, while Mauritius has the highest wealth per capita, with an average wealth per person of $37,500. South Africa and Namibia follow at $10,880 and $10,050, respectively.

Image (From 2022 report)

Tosin 'Badeniyi, PhD

Tosin ‘Badeniyi, a Professor at the Department of Biotechnology and Food Science at Durban University of Technology, South Africa, holds a doctoral degree in Food Science from University of Pretoria South Africa. Since 2001, he has conducted research and lectured internationally in the area of food quality and safety. He is the editor of Food Science and Technology: Trends and Future Prospects and has published numerous scientific publications as well as four inspirational books.