The total investable wealth currently held on the African continent amounts to $2.5 trillion and its millionaire population is set to rise by 65% over the next 10 years, according to the 2024 Africa Wealth Report, published by international wealth advisory firm Henley & Partners in collaboration with global wealth intelligence partner New World Wealth.
The report reveals that there are currently 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth of $1 million or more living in Africa, along with 342 centi-millionaires worth $100 million or more, and 21 dollar billionaires.
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.
But, as Dominic Volek, Group Head of Private Clients at Henley & Partners, points out, wealth growth on the continent has not been without its setbacks. Currency depreciation and underperforming stock markets have chipped away at Africa’s wealth compared to global benchmarks.
"The South African rand fell 43% against the US dollar from 2013–2023, and even though the JSE All Share Index, which makes up well over half of Africa’s listed company holdings, rose in local currency terms, it was down 5% in US dollar terms over that period."
Head of Research at New World Wealth, Andrew Amoils, added that African nations are also losing large numbers of HNWIs to migration which is eroding the continent’s wealth.
“According to our latest figures, approximately 18,700 high-net-worth individuals have left Africa over the past decade (2013 to 2023). There are currently 54 African born billionaires in the world, including one of the world’s richest, Elon Musk, but only 21 of them still live on the continent.
"Most of these individuals have relocated to the UK, the US, Australia, and the UAE. Significant numbers have also moved to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.”
Some of the fastest-growing markets in the world
Despite a tough past decade which saw a 20% decline in its millionaire population, South Africa remains home to over twice as many HNWIs as any other African country, with 37,400 millionaires, 102 centi-millionaires, and 5 billionaires, followed by Egypt with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires. Nigeria sits in 3rd place with 8,200 HNWIs, followed by Kenya (7,200 millionaires), Morocco (6,800), and Mauritius (5,100).
Over the next decade (to 2033), the likes of Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are all expected to experience 80%+ millionaire growth. Mauritius, with its stable governance and favorable tax regime, is projected to experience a remarkable 95% growth rate, positioning it as one of the world’s fastest-growing wealth markets.
Namibia, too, is poised for impressive high-net-worth growth, which is forecast to exceed 85% by 2033. Both Mauritius and Namibia offer investment migration pathways to attract global investors.
City affluence
At the city level, Johannesburg holds its place as the wealthiest in Africa, with 12,300 millionaires, 25 centi-millionaires, and 2 billionaires. Cape Town follows closely with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire. Cairo (7,200 millionaires), Nairobi (4,400), and Lagos (4,200) also stand out as key urban wealth hubs.
When it comes to future millionaire-magnet cities and regions, Amoils says Cape Town, South Africa’s Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech are all expected to enjoy 85%+ millionaire growth over the next 10 years.
Cape Town is on track to overtake Johannesburg to become Africa’s wealthiest city by 2030. We expect several major Johannesburg-based companies to move their head offices to Cape Town over the next decade, which should help to drive wealth growth in the city.”
Africa’s most expensive cities
When it comes to luxury real estate, Cape Town continues to lead the way, with prime residential spaces valued at $5,600 per m2. Grand Baie in Mauritius is close behind at $5,000 per m2 for a prime 200 to 400m2 apartment.
South Africa has five contenders in Africa’s Top 10 Most Expensive Cities including Plettenberg Bay (2,400 per m2), Hermanus (2,300 per m2), Umhlanga (2,000 per m2), and Sandton (1,800 per m2).
Morocco’s Marrakech (2,200 per m2), Tangier (1,600 per m2), and Casablanca (1,400 per m2) all make it into the exclusive club along with Egypt’s capital Cairo (1,500 per m2), which is also one of Africa’s largest cities.
Berry Everitt, CEO of the Chas Everitt International property group, describes Africa — and South Africa in particular — as a rising star in the global luxury real estate sector. “In contrast to other major economic blocs, the continent has a mostly young and rapidly growing population, as well as a very fast rate of urbanisation.
"This is already generating significant demand for services and products and pulling in an increasing number of HNWIs who are finding lucrative opportunities in the communications, financial services, infrastructure, retail, and manufacturing sectors, as well as in agriculture, logistics, commodities, and both residential and commercial real estate. And this, in turn, is boosting the demand for luxury properties.”
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