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 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

Billionaires (in USD)

• 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

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)

• 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)

• 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