IN a forecast that could reshape the landscape of African wealth, the 2024 Africa Wealth Report by Henley & Partners predicts a substantial 65 percent increase in the number of millionaires across the continent over the next decade. Highlighting a surge in prosperity, Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are anticipated to lead this growth trajectory, with an estimated 80 percent or higher increase in millionaire population by 2033.
Commenting on the surprising forecasts amid current economic challenges, Dominic Volek of Henley & Partners noted, ‘Despite currency depreciation and underperforming stock markets, we anticipate a significant uptick in wealth accumulation across Africa.’ Volek emphasised the resilience of Africa’s economies amidst adversities.
The report reveals a contrasting narrative to recent trends, indicating a decline in the number of millionaires residing in Africa over the past decade. Nearly 20,000 individuals have departed the continent, leading to a drop in the millionaire population by 8 percent since 2013. However, the continent still hosts 342 centimillionaires and 21 billionaires, boasting a collective wealth of approximately $2.5 trillion.
Andrew Amoils, head of research at New World Wealth, highlighted the exodus of high-net-worth individuals, stating, ‘Approximately 18,700 high-net-worth individuals have left Africa over the past decade.’ Amoils underlined the global dispersion of African wealth, revealing that while there are 54 African-born billionaires worldwide, only 21 remain on the continent.
Currently, Africa’s affluent are concentrated in the ‘Big Five’ economies of South Africa, Egypt, Nigeria, Kenya, and Morocco, accounting for the majority of millionaires and billionaires on the continent. South Africa leads the pack, with 37,400 millionaires, 102 centimillionaires, and 5 billionaires. Johannesburg retains its status as the wealthiest city, while Cape Town boasts the highest-priced real estate at $5,600 per square meter.
Looking ahead, Mauritius and Namibia emerge as promising hubs for wealth growth. The report highlights Mauritius’ stable governance and favourable tax regime, projecting a remarkable 95 percent growth rate, positioning it as one of the fastest-growing wealth markets globally. Similarly, Namibia is expected to witness impressive high-net-worth growth, signalling a shifting landscape in Africa’s economic dynamics.
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