PHOTO Credit: GettyImages

African countries with the highest number of millionaires 2022 — See Nigeria’s rank

Africa, the second most populated continent in the world currently has an estimated population of about 1.4 billion.

Presently, there are 136,000 high-net-worth individuals (HNWIs) with a private wealth of at least $1 million, according to research firm New World Wealth and Henley & Partners. The assertion was based on data from New World Wealth and Henley & Partners’ wealthy individuals’ database.

The millionaires are concentrated in five African countries South Africa, Egypt, Nigeria, Morocco, and Kenya.

Quick facts about African wealthy persons:

  1. Over $2.1 trillion is in private hands in Africa and it’s expected to rise by 38% in the next 10 years.
  2. There are 22 billionaires in Africa, 305 centi-millionaires (at least $100 million) and 6,700 multi-millionaires (at least $10 million).
  3. South Africa has the most combined wealth ($651 billion), Egypt ($307 billion) and Nigeria ($228 billion); while Rwanda ranks 17th on the list.
  4. The total wealth held in Africa has fallen by 7% over the past decade (2011 to 2021). Performance was constrained by poor returns in the three largest African markets, namely South Africa, Egypt and Nigeria. Angola also performed poorly.
  5. Mauritius was the fastest growing market in Africa during the review period (in percentage growth terms), followed by Rwanda.

Below is a full breakdown of the African countries with the highest number of wealthy persons as of 2022:

Total Private Wealth (in billion USD)

South African national flags hang above an advertisement for the new Mandela rand banknotes at the headquarters of the central bank in Pretoria, South Africa, on Thursday, May 23, 2013. Photographer: Nadine Hutton/Bloomberg via Getty Images.
  • South Africa – $651bn
  • Egypt – $307bn
  • Nigeria – $228bn
  • Morocco – $125bn
  • Kenya – $91bn
  • Ghana – $59bn
  • Tanzania – $56bn
  • Angola – $53bn
  • Ethiopia – $52bn
  • Mauritius – $44bn
  • Côte d’Ivoire – $43bn
  • Uganda – $27bn
  • Namibia – $24bn
  • Mozambique – $20bn
  • Botswana – $19bn
  • Zambia – $14bn
  • Rwanda – $11bn
Pedestrians use the stairs outside of Egypt’s central bank in Cairo, Egypt, on Tuesday, Nov. 22, 2011. Photographer: Shawn Baldwin/Bloomberg via Getty Images.

Billionaires (in USD)

Nigerian Billionaire and richest man in Africa, Aliko Dangote during a panel session at the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 17, 2017. Photographer: Jason Alden/Bloomberg via Getty Images.
  • South Africa – 5
  • Egypt – 7
  • Nigeria – 4
  • Morocco – 3
  • Kenya – 0
  • Ghana – 0
  • Tanzania – 1
  • Angola – 1
  • Ethiopia – 0
  • Mauritius – 0
  • Côte d’Ivoire – 0
  • Uganda – 0
  • Namibia – 0
  • Mozambique – 0
  • Botswana – 0
  • Zambia – 0
  • Rwanda – 0
The richest man in South Africa and second wealthiest in Africa, Johann Rupert at his main office, Groot Paardevlei in Somerset West when he was 54-year-old. (Photo by Louise Gubb/Corbis via Getty Images)

Countries with no billionaires (USD) in Africa

  • Kenya
  • Ghana
  • Ethiopia
  • Mauritius
  • Côte d’Ivoire
  • Uganda
  • Namibia
  • Mozambique
  • Botswana
  • Zambia
  • Rwanda

Centi-Millionaires (worth at least $100m)

Tanzanian miners Mwagyma Ramadhan, Regina Daud and Maria Ng’ombe look for gold at an open-pit gold mine in Nyarugusu, Geita Region, Tanzania on May 27, 2022. (Photo by LUIS TATO/AFP via Getty Images).
  • South Africa – 94
  • Egypt – 57
  • Nigeria – 28
  • Morocco – 22
  • Kenya – 15
  • Ghana – 4
  • Tanzania – 8
  • Angola – 3
  • Ethiopia – 4
  • Mauritius – 6
  • Côte d’Ivoire – 2
  • Uganda – 8
  • Namibia – 3
  • Mozambique – 1
  • Botswana – 2
  • Zambia – 2
  • Rwanda – 0

Multi-Millionaires (worth at least $10m)

Miners sift through the selected rich rock fragments 28 March 2013 in search of a diamond gem near an Angolan village not far from the Congolese border.  (Photo by Olivier Polet/Corbis via Getty Images)
  • South Africa – 2080
  • Egypt – 880
  • Nigeria – 510
  • Morocco – 220
  • Kenya – 340
  • Ghana – 120
  • Tanzania – 80
  • Angola – 110
  • Ethiopia – 140
  • Mauritius – 210
  • Côte d’Ivoire – 100
  • Uganda – 60
  • Namibia – 60
  • Mozambique – 60
  • Botswana – 80
  • Zambia – 30
  • Rwanda – 30
1943-Nigeria- Decked out in their ornate, colorful tribal costumes, Chiefs of the Western Provinces arrive to attend a conference of Chieftains which was called by the Nigerian Government late in 1943. The three men chatting in the foreground are: (left to right) Chief Awujale of Ijebu Ode; the Alako of Abeokuta, who is considered the richest Chief in southern Nigeria; and the Oni of Ife, who was elected President of the conference. PHOTO Credit: Getty Images
%d bloggers like this: