A boom in the number of millionaires expected in Africa in the coming decade

In its latest annual report, the London firm Henley & Partners observes that there will be a proliferation of new millionaires in Africa over the next ten years.

According to estimates from this wealth consulting company, the number of millionaires is expected to increase by 65% on the continent.

Africa is home to approximately 135,200 high net worth individuals, with liquid wealth of at least $1 million, as well as 342 centi-millionaires and 21 billionaires. The majority of these very wealthy people reside in five countries: South Africa, Egypt, Nigeria, Kenya and Morocco.

Together, these nations are home to 56% of the continent's millionaires and more than 90% of its billionaires. Johannesburg remains the richest city in Africa, with 12,300 millionaires, closely followed by Cape Town, with 7,400 millionaires.

Then come Cairo, Nairobi and Lagos.

By 2033, Mauritius, Namibia, Zambia, Uganda and Rwanda will see their millionaire rate increase by more than 80%. This upward trend will also extend to Morocco and Kenya, already among the five richest states in terms of wealthy population.

Mauritius, in particular, will record the highest increase of 95% in millionaires in 10 years, thanks to its stable political governance and favorable tax regime, as highlighted in the Henley & Partners report. There are 4,900 millionaires currently in Mauritius compared to 3,000 10 years ago.

According to data from New World Wealth, around 18,700 wealthy individuals have left Africa over the past decade. Most of these very wealthy Africans have chosen to settle in the United Kingdom, the United States, Australia and the United Arab Emirates.