The number of millionaires in Africa is expected to witness significant growth, reaching an estimated 195,000 by 2032, according to the Africa Wealth Report 2023. This projection marks a substantial 42% increase from the 138,000 High Net Worth Individuals (HNWIs) recorded in 2022.
Mauritius is anticipated to be a standout performer in this growth, with a forecasted 75% increase over the next decade. Nevertheless, Nigeria currently has a total of 9,800 millionaires and approximately four billionaires, including prominent figures such as Aliko Dangote, Abdulsamad Rabiu, Mike Adenuga, and Femi Otedola.
In terms of the highest number of millionaires, South Africa leads with 37,800 millionaires, followed by Egypt with 16,100. However, the overall growth in the millionaire population in Africa has been hindered by a 12% decline since 2012. This decrease is mainly attributed to sluggish economic performance in the continent’s three largest economies: South Africa, Egypt, and Nigeria.
Nigeria’s Gross Domestic Product (GDP) experienced a year-on-year growth of 2.51% in real terms in the second quarter of 2023, showing a slight improvement from the previous quarter but a decline compared to the corresponding period in 2022. This sluggish growth can be attributed to challenges such as energy shortages, transportation bottlenecks, and currency devaluation pressures.
The report also underscores specific factors that contribute to wealth creation, including a country’s safety levels and the efficiency of its local law enforcement. Mauritius has been rated as the safest country in Africa, according to the New World Wealth’s Safety Index for 2022, closely followed by Namibia.
