Africa’s ultra-wealthy population to grow by 65% in next decade but thousands flee their home — report

Africa has seen a rise in its number of billionaires and its millionaire population is set to rise by 65% over the next 10 years, but at the same time, about 18,700 high-net-worth individuals have left the continent between 2013 and 2023, the 2024 Africa Wealth Report reveals.
Published by Henley & Partners, an international wealth advisory firm, the 9th edition of the annual report found that the total investable wealth currently held in Africa amounts to $2.5 trillion, whereby there are 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth of $1 million or more living in the continent, 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 over the past decade, almost 20,000 high-net-worth individuals have moved away or seen dramatic currency depreciations eat away their wealth. Currently, only 21 out of a total of 54 African born billionaires still live on the continent, with the majority of the others — including one of the world’s richest, Elon Musk — having relocated to the United States, the United Kingdom, Australia, and the United Arab Emirates. According to Dominic Volek, Group Head of Private Clients at Henley & Partners, currency depreciation and underperforming stock markets have chipped away at Africa’s wealth compared to global benchmarks. Beyond this, among other reasons contributing to the departure of African billionaires from the continent are regulatory challenges, lack of adequate infrastructure, security concerns, and taxation policies.