The report compiled by Henley & Partners in partnership with wealth intelligence firm New World Wealth shows that the number of millionaires in Africa could reach 195,000 in 2032. The 2023 Africa wealth has revealed the increase of 42% of millionaires in Africa from the current figures. Currently, Millionaires in Africa are expected to be 138,000.
For the next decade, Mauritius is predicted to be the standout with 75% growth. Other countries including Namibia, Rwanda, Zambia, the Seychelles, the Democratic Republic of Congo and Morocco are forecasted to have strong high-net-worth growth of 60%+.
Among the top performing market in Africa during 10 years, Rwanda leads with millionaire growth of 72% followed by Mauritius, Seychelles, Uganda, and Democratic Republic of Congo.
However, poor growth in the three largest African markets, South Africa, Egypt, and Nigeria resulted into fall of 12% during the period in total high-net-worth individual numbers.
Millionaire populations in Ethiopia and Ghana was growing rapidly until 2019 but have struggled over the past few years. This has pulled back their 10-year growth rates.
For the moment, high-net-worth individuals approximating 18,500 have left Africa over the past decade. Most of them moved to UK, USA, and UAE while others moved to Australia, Canada, France, Israel, New Zealand. Portugal, and Switzerland.
Within the continent the internal millionaire migration isn’t high as approximately 1,200 high-net-worth individuals have moved between African Countries over the past 10 years with most relocating to Mauritius and South Africa.
56% of Africa’s high-net-worth individuals and 90% of the continent’s billionaires are found in the ‘Big 5’ wealth markets in Africa, South Africa, Egypt, Nigeria, Kenya, and Morocco combined.
52 African-born billionaires found globally within 20 years, 23 of them are the only still living in Africa. The report noted that the billionaires rarely move for tax reasons. They usually relocate to expand their businesses or due to safety concerns.