Wealth Report 2023 confirms that ’Africa is not poor but impoverished’

Not all Africans are poor — this could arguably be the main message from the 2023 edition of the annual Africa Wealth Report by London-based Henley & Partners that reveals that the ‘Big 5’ wealth markets in Africa — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for a significant 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires.
The report, which provides a comprehensive review of private wealth in Africa, thus confirms the validity of the counter-cliché that “Africa is not poor but impoverished”. The annual ranking of African cities and nations, based on the number of wealthy residents living in them, is the definitive guide to Africa’s wealth and luxury sector, published by Henley & Partners in partnership with wealth intelligence firm New World Wealth. But the 2023 edition also points out that the dominance of the ‘Big 5’ wealth markets in Africa is far from assured, as they could soon be challenged by the likes of Mauritius and Rwanda, which are fast gaining ground. Namibia’s new residence by investment offering positions it as a future potential rival as well.
While South Africa tops the list of countries with 37,800 millionaires, Egypt ranks second in the country rankings, with 16,100 millionaires, Nigeria comes third with 9,800 millionaires in dollars. Kenya and Morocco are the fourth and fifth-wealthiest, with 7,700 and 5,800 millionaires respectively. Four of Africa’s Top 10 wealthiest cities are in South Africa — Johannesburg, with the most millionaires in Africa, Cape Town, Durban and Pretoria. Africa’s other wealthiest cities are Cairo, Lagos, Nairobi, Casablanca, Accra and Luanda. The total private wealth currently held on the African continent is $2.4 trillion and its millionaire population is expected to rise by 42% over the next 10 years, says the Africa Wealth Report. Ultimately, it also points out that private wealth in Africa is constantly evolving, with persistent growth prospects, though not everyone by far is so lucky. As the World Bank reminds us, seven of the 10 most unequal countries in the world are located in Africa.