South Africa losing millionaires, but still No 1 in Africa
South Africa remains home to the most dollar millionaires on the African continent, but is losing them at a rapid rate.
The latest African Wealth Report for 2024 shows that South Africa remains home to the most dollar millionaires on the African continent, but the numbers are dwindling.
Despite a tough past decade which saw a 20% decline in its millionaire population, South Africa remains home to over twice as many high-net-worth individuals (HNWIs) as any other African country, with 37 400 millionaires, 102 centi-millionaires, and five billionaires.
This is 400 fewer than the 37 800 recorded at the end of 2022, and down 11 300 from the 48 700 recorded at the end of 2013.
Egypt with 15 600 millionaires, 52 centi-millionaires, and seven billionaires, lies in second place, Nigeria sits in third place with 8 200 HNWIs, 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) all making it into the Top 10 Wealthiest Countries in Africa.
HOW MANY BILLIONAIRES DOES SOUTH AFRICA HAVE?
The wealth report is published by international wealth advisory firm Henley & Partners in collaboration with global wealth intelligence partner New World Wealth.
The latest edition is the ninth published.
HNWIs are defined in the report as individuals with “liquid, investable wealth” exceeding $1 million (R19 million).
Centi-millionaires are worth $100 million or more.
Africa’s ‘Big 5’ wealth markets – South Africa, Egypt, Nigeria, Kenya, and Morocco – together account for 56% of the continent’s millionaires and over 90% of its billionaires.
Meanwhile, at city level, Johannesburg maintained its place as the wealthiest in Africa, with 12 300 millionaires, 25 centi-millionaires, and two billionaires.
Cape Town follows closely with 7 400 millionaires, 28 centi-millionaires, and one billionaire.
Read the full 2024 Africa Wealth Report here.
NOTE: There is often a discrepancy when it comes to net worth of individuals. As reported by the SAPeople website, according to Forbes’ real-time tracking of billionaires, South Africa has six, not five.
According to the latest numbers at the time of publishing, Johann Rupert and family remain the richest in South Africa (and 197th in the world) with $10.5 billion.
TOP 10 AFRICAN COUNTRIES IN TERMS OF MILLIONAIRES:
| Rank | Country | Millionaires ($1m+) | Centi-millionaires ($100m+) | Billionaires ($1bn+) |
|---|---|---|---|---|
| 1 | South Africa | 37,400 | 102 | 5 |
| 2 | Egypt | 15,600 | 52 | 7 |
| 3 | Nigeria | 8,200 | 23 | 3 |
| 4 | Kenya | 7,200 | 16 | – |
| 5 | Morocco | 6,800 | 32 | 4 |
| 6 | Mauritius | 5,100 | 15 | – |
| 7 | Algeria | 2,800 | 8 | 1 |
| 8 | Ghana | 2,700 | 6 | – |
| 9 | Ethiopia | 2,700 | 4 | – |
| 10 | Namibia | 2,300 | 3 | – |
| Total | 135,200 | 342 | 21 |
- Figures for December 2023
- Only includes individuals living in each country (residents)
- Millionaire figures rounded to nearest 100