South Africa remains the most millionaire-rich country on the African continent, but a troubled labour market and continued government disruption mean that other nations are surpassing the southern-most economy in terms of growth.
According to new data from New World Wealth, there are approximately 165,000 HNWIs living in Africa, with combined wealth holdings of US$660 billion.
This equates to roughly 28% of total individual wealth held on the continent ($2.4 trillion), the group said.
With 48,700 dollar millionaires in South Africa, it represents 29.5% of the total HNWIs living in Africa.
African HNWI numbers have increased by more than 150% during the past 13 years (2000-2013), New World Wealth said, compared to the worldwide HNWI growth rate of 73% over the same period.
HNWIs are defined as individuals with a net worth greater than US$1 million (R10.6 million).
Top 10 African countries for HNWIs
Over the past 13 years, African nations have shown massive growth in the number of wealthy individuals in their populations.
Angola and Ghana have both seen increases over 400%, off of low bases – but countries like Nigeria and South Africa, which already had relatively large millionaire populations, also saw large growth, well over double in number.
African HNWI growth 2000 – 2013
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Looking ahead into the next decade, New World Wealth expects the African growth story to continue, though notably slower than the decade before.
Low-base countries such as Mozambique and Zambia are projected to lead with growth over 100%, while high-base countries will grow at smaller rates.
South Africa is expected to increase its HNWI population by 35% over the next decade to 65,700 individuals.
While this growth is slower than other African countries, South Africa is not expected to lose its crown as the top African country for HNWIs, outpacing the continent’s number two – Egypt – by at least 38,500 people.
Projected African HNWI growth 2013 – 2023
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