LONDON, March 28, 2023 /PRNewswire/ -- The total private
wealth currently held on the African continent is USD 2.4 trillion and its millionaire population
is expected to rise by 42% over the next 10 years, according to the
latest 2023 Africa Wealth Report, published by Henley &
Partners in partnership with New World Wealth.
The report reveals that Africa's 'Big 5' private wealth markets —
South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of the
continent's high-net-worth individuals (HNWIs) and over 90% of its
billionaires. There are currently 138,000 HNWIs with private wealth
of USD 1 million or more living in
Africa, along with 328
centi-millionaires worth USD 100
million or more, and 23 US
dollar billionaires.
Despite a tough past decade, South
Africa is still home to at least twice as many HNWIs as any
other African country, and 30% of the continent's
centi-millionaires. Egypt takes
the prize for the most billionaires, and Mauritius boasts the highest wealth per capita
(average wealth per person) in Africa, at USD
37,500, followed by South
Africa at USD 10,880 and
Namibia at USD 10,050.
Africa is home to some of the
world's fastest growing markets, including Rwanda, Mauritius, and the Seychelles, which have seen wealth growth of
72%, 69%, and 54%, respectively over the past decade. In terms of
projections, Mauritius is expected
to experience the highest private wealth growth rate at 75% over
the next decade (to 2032), making it the fourth fastest growing
country in the world in millionaire growth percentage terms, after
Vietnam, India, and New
Zealand.
A ten-year private wealth growth rate of over 60% is forecast
for Namibia, with its recently
launched residence by investment offering likely to attract
high-net-worth investors from across the globe. Commenting in the
report, Catherine Shipushu of the Namibia Investment Promotion and
Development Board, says the country has one of the largest uranium
reserves in the world and is attracting international attention
with recent discoveries of gas and oil reserves. "With bold
ambitions of becoming the sustainable energy capital of
Africa, Namibia's strategic location and world-class
port make it an ideal gateway to over 300 million people in other
African markets."
Dominic Volek, Group Head of
Private Clients at Henley & Partners, says more African
countries are setting their sights on attracting HNWIs by providing
residence and citizenship by investment opportunities that have the
potential to transform their economies. "As wealth grows on the
continent, we expect to see investment migration continue to gain
ground in Africa — not only on the
demand side from African HNWIs looking to improve their travel
freedom and economic mobility, secure location optionality, and
mitigate risk, but also on the supply side, with more and more
African nations looking to launch their own programs to increase
the inflow of capital and talent."
Download the Full Press Release and 2023 Africa Wealth
Report
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