Kenya is ranked among the ‘Big 5’ wealth markets in Africa, in a group that is led by South Africa followed by Egypt, Nigeria then Kenya as the 4th and Morocco. However, their continued dominance is far from assured, and they could soon be challenged by the likes of Mauritius and Rwanda, which are fast gaining ground. Namibia’s new residence by investment offering positions it as a future potential rival as well.
According to the 2023 Africa Wealth Report, these five countries together account for 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires.
In its analysis, this report considers billionaires as individuals with wealth of US$ 1 Billion or more, centi-millionaires as those with wealth worth above US$ 100 Million, and millionaires as individuals whose net worth is more than US$ 1 Million.
The Africa Wealth Report is the definitive guide to Africa’s wealth and luxury sector, published annually by Henley & Partners — the global leader in residence and citizenship by investment — in partnership with wealth intelligence firm New World Wealth.
This report provides a comprehensive review of private wealth in Africa, including high-net-worth-individual, luxury, and wealth management trends, as well as expert insights on investing in Africa, the investment migration sector, and economic mobility on the continent.
South Africa’s high centi-millionaire count is particularly notable.
Centi-millionaires are typically the founders of large multinational companies, making their presence in a country particularly valuable when it comes to creating employment.
According to the report, total high-net-worth individual numbers in Africa have fallen by 12% over the past decade (2012 to 2022).
Performance was constrained by poor growth in the three largest African markets, South Africa, Egypt, and Nigeria.
Rwanda was the top-performing market in Africa during the period, with millionaire growth of 72%, followed by Mauritius, Seychelles, Uganda, and the Democratic Republic of the Congo.
Kenya has recorded significant growth in the number of high-networth individuals
Morocco and Kenya’s high-net-worth individual populations also grew solidly. The Africa Wealth Report 2023 reveals that the growth in high-net-worth individuals on the continent is expected to be 42% over the next 10 years. Another two interesting trends emanating from the report are an increase in the popularity of eco pursuits among Africans, particularly high-net-worth individuals in Africa, and a rise in the popularity of rainforest and jungle lodges, especially among the same affluent cohort
Ethiopia and Ghana, whose millionaire populations had been growing rapidly until 2019, have struggled over the past few years, which has pulled back their 10-year growth rates. The list of Africa’s 11th to 20th wealthiest countries includes several fast-growing markets — notably, Rwanda, Seychelles, the Democratic Republic of the Congo, and Uganda.