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The Rise of Africa’s Wealthy Elite (Part 1)

By Eva Morletto13 août 2024

Despite the impact of geopolitical instability on global economies, Africa's wealthy individuals have demonstrated remarkable resilience. For those with assets exceeding one million dollars, wealth is projected to grow by 65% over the next decade.

Cape Town, South Africa, is one of the wealthiest cities on the African continent (Shutterstock)

342

The number of ultra-rich (over 100 million dollars) in Africa

18.000

The number of African fortunes to have left the continent in the last 10 years

+80%

Increase in the number of millionaires by 2033 in Mauritius, Namibia, Zambia and Rwanda

In the aftermath of the 2008 financial crisis, global fortunes continued to rise until the past two years, when military conflicts, rampant inflation, and a slowdown in international markets affected the global economy. Nonetheless, Africa's affluent have proven their robustness and resilience amidst these turbulences. This is highlighted by two parallel reports: the 14th edition of the Global Wealth Report, which annually assesses the state of the "global wealth pyramid" based on individuals' net worth, and the 9th edition of the annual "Africa Wealth Report 2024", published in late April by the British financial analysis firm Henley & Partners, focusing on the wealth held by African magnates.

Both studies reveal that Africans with assets of at least one million dollars will see their wealth increase by 65% over the next decade. Some cities on the continent are wealthier than others. According to Henley & Partners, Johannesburg remains the richest city on the continent (with 12,300 millionaires), followed by Cape Town in South Africa. In other parts of the continent, such as Kigali, the capital of Rwanda, Windhoek, the epicenter of Namibia, Tangier and Marrakech in Morocco, and Nairobi in Kenya, the number of millionaires is expected to rise by over 85% in the next ten years.

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