Wealthy Africans, made up of multi-millionaires, billionaires, millionaires, and centi-millionaires, had private wealth, made up of equities, cash property and business interests, reaching a total of US$ 2.1 trillion in 2021.
According to Africa Wealth Report 2022, there are approximately 6,700 multi-millionaires living in Africa-those whose networth is US$ 10 Million or more. This is compared to 21 billionaires living in Africa, each with net assets of US$1 Billion or more.
This Wealth Report mentions that approximately 136,000 millionaires are living in Africa, each with net assets of US$ 1 million. There are also an estimated 305 centi-millionaires residing in Africa, each with net assets of US$100million or more.
The enormous wealth markets in Africa are South Africa, Egypt, Nigeria, Morocco and Kenya- these five nations account for more than 50% of Africa’s total wealth.
Africa Wealthy Report ranks Mauritius as Africa Wealthiest
Figures also indicate that South Africa has double the number of millionaires as any African nation, while Egypt has the highest number of billionaires in Africa.
Following years of solid growth, Mauritius ranks as the most wealthy in Africa by a significant margin (on a wealth per capita basis).
This amounted to US$34,500 as of December 2021, which is well above second-placed South Africa (US$10,970).
According to Africa Wealth Report 2022, wealth held in Africa is forecast to rise 38% in Africa over the next ten years, to hit US$3 trillion by 2031.
The wealthy report lists Mauritius, Rwanda, and Uganda as the strongest performing wealth markets in Africa. Also expected to register strong growth in Kenya, Morocco, Mozambique and Zambia.
Africa’s two wealthiest cities are Johannesburg- with a total private wealth estimated at more than US$239 billion, with Cape Town in second place, with a total private wealth of US$131 billion. Cape town is followed by Cairo (US$ 128 billion), Lagos (US$97 billion) and Nairobi (US$48 billion) after Durban (US$ 60 billion).
South Africa is also the leading largest luxury market in Africa by revenue, followed by Kenya and then Morocco. This includes luxury hotels and lodges, cars, clothing and accessories, watches, private jets and yachts.
According to the Africa Wealthy Report 2022, South Africa is still home to more than twice as many millionaires as any other African country despite a challenging decade to date.
By this measure, South Africa ranks 28th in the world, ahead of major economies such as Turkey, Argentina, Malaysia, and Thailand.
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