A new study into global wealth creation and redistribution has revealed a noteworthy trend in Africa and the Middle East, which are now attracting a growing share of the $400 billion in wealth brought along by migrating ultra-rich individuals.
Since the onset of the Covid-19 pandemic, billionaires worldwide have been relocating more frequently, with Switzerland, the United Arab Emirates, Singapore, and the United States topping the list of their most favorite destinations. A recent report by Henley & Partners’ 2024 Africa Wealth Report found that with the exception of Mauritius, African nations consistently lose large numbers of high-net-worth individuals annually due to emigration. However, according to another report released by UBS Group AG this week, Africa and the Middle East are now attracting a growing share of the global wealth brought along by these ultra-rich migrants.
In 2024, UAE billionaires’ wealth rose by whooping 39.5% to $138.7 billion, the report by the Swiss bank finds. It also says that billionaires have seen their combined wealth shoot up 121% over the past decade to $14 trillion, with tech billionaires’ coffers filling the fastest. Africa is home to 135,200 high-net-worth individuals with liquid investable wealth exceeding $1 million, along with 342 centi-millionaires worth $100 million or more, and 21 billionaires, the Henley & Partners’ report revealed. 56% of the continent’s millionaires and over 90% of its billionaires are concentrated in Africa’s ‘Big 5’ wealth markets —Egypt, Kenya, Morocco, Nigeria, and South Africa.
