A recent report by Henley & Partners’ 2024 Africa Wealth Report reveals that Africa is home to 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth exceeding USD 1 million, along with 342 centi-millionaires worth USD 100 million or more, and 21 billionaires.
Africa’s ‘Big 5’ wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco —collectively represent 56% of the continent’s millionaires and over 90% of its billionaires.
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, Andrew Amoils, head of research at wealth intelligence firm New World Wealth, 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.
“Solid growth of over 80%+ is also projected in Lusaka and Mombasa. 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,” he stated.
