- According to the 2022 Africa Wealth Report, published by Henley & Partners in partnership with New World Wealth Africa’s “Big 5” private wealth markets are South Africa, Egypt, Nigeria, Morocco, and Kenya.
According to the 2022 Africa Wealth Report, published by Henley & Partners in partnership with New World Wealth Africa’s “Big 5” private wealth markets are South Africa, Egypt, Nigeria, Morocco, and Kenya. These countries collectively account for more than 50% of the Africa’s total wealth.
The report revealed that Africa has 136,000 high-net-worth individuals (HNWIs) with private wealth of $1m, 305 “centimillionaires” worth $100m, and 21 US dollar billionaires. It reported that the maximum number of billionaires are in Egypt, while South Africa hosted more than twice as many HNWIs as any other African country. African countries with the highest wealth per capita included Mauritius at $34,500, followed by SA at $10,970 and Namibia at $9,320.
The report stated that Africa has some of the world’s fastest growing markets, such as Rwanda, Uganda and Mauritius. It also forecast that growth of private wealth will record more than 60% in all three countries in the next decade, driven by strong performance in the technology and professional services sectors. Over the next 10 years private wealth growth of more than 50% was predicted in Kenya, Morocco, Mozambique and Zambia.
The report identified Mauritius as the fastest growing wealth market in Africa, with projected growth of 80% over the next decade upgrading it to one of the fastest growing high-income markets in percentage along with Australia, Malta, New Zealand and Switzerland. By 2031, HNWI numbers in Mauritius are expected to cross 8,000.
Though SA’s performance over the past decade has decelerated, with total private wealth held in the country declining by 12% from $739bn in 2011 to $651bn in 2021, the report stated that the country is home to two wealthiest cities in Africa, Johannesburg, with total private wealth of $239bn and Cape Town, with total private wealth of $131bn. Cairo followed closely with $128bn and Lagos in fourth position with $97bn in private wealth. SA is rated as the largest luxury market in Africa by revenue, followed by Kenya and Morocco.
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