South Africa has highest number of millionaires in Africa
The Republic of South Africa ranks first among African countries in terms of the number of people with a fortune of $1m and above, Egypt and Nigeria are in second and third place, TASS reports
Such information is provided in the Africa Wealth Report 2024 by the British analytical firm Henley & Partners. Dominic Volek, an employee of the organisation, noted “Many people make a fortune in Africa and then move to other countries in search of a better quality of life, a better education system for their children, and better access to healthcare.”
It is also reported that 18,700 millionaires and 33 billionaires have left Africa over the past decade. Most of them chose the United Kingdom, the United States, Australia, and the United Arab Emirates as their new place of residence.
According to the report, there are 37,400 millionaires in the Republic of South Africa, 102 people with a fortune of over $100m and 5 billionaires. In Egypt, the number of millionaires is 15,600, and 52 people with assets of more than $100m and 7 billionaires live there. In Nigeria, the number of dollar millionaires is 8,200. This is followed by Kenya (7,200 millionaires), Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ethiopia (2,700), Ghana (2,700), and Namibia (2,300).
Currently, there are 342 people living in Africa who have a fortune of more than $100m, as well as 21 dollar billionaires.
