Number of wealthy people in Africa to rise 42% by 2032: Report

Africa’s millionaire population is expected to rise by 42% over the next 10 years, reaching around 195,000 by 2032, according to the 2023 Africa Wealth Report.

The report was published by Henley & Partners in partnership with wealth intelligence firm New World Wealth, according to African Business.

Mauritius is predicted to be the standout, with 75% growth forecast for the next decade. Strong high-net-worth individual (HNWI) growth of 60%+ is also forecast in Namibia, Rwanda, Zambia, the Seychelles, the Democratic Republic of the Congo, and Morocco.

Rwanda is shown to be the top performing market in Africa over the last decade (2012-22), with millionaire growth of 72%, followed by Mauritius, the Seychelles, Uganda, and the Democratic Republic of the Congo.

However, the report finds that total HNWI numbers in Africa have fallen by 12% over the same period. It says that performance was constrained by poor growth in the three largest African markets, South Africa, Egypt, and Nigeria.

Ethiopia and Ghana, whose millionaire populations had been growing rapidly until 2019, have struggled over the past few years, which has lessened their 10-year growth rates.

A factor to contributing to the fall in numbers across Africa is that approximately 18,500 HNWIs have left the continent over the past decade, while only 23 of the world’s 52 African-born billionaires still live there.

The ‘Big 5’ wealth markets in Africa — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of Africa’s HNWIs and over 90% of the continent’s billionaires. South Africa tops the list of the Top 10 wealthiest countries in Africa in terms of resident HNWIs by some margin.

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