Wealth is quickly growing in african continent producing a significant number of millionaires and billionaires. The emergence of vast numbers of newly wealthy Africans over the past decade has had a profound effect on global economic landscape
“Wealth,” is defined as the value of financial assets plus real assets (principally housing) owned by households, minus their debts.
Africa is the new face of wealth and prosperity with sudden growth of a new generation of middle class wealth led by South Africa, Nigeria and Egypt. The global millionaire population continues to grow in africa. Africa is quickly becoming a major investment destination due to rapid urbanisation, oil and gas wealth, expansion of real estate market and other service sectors.
List of Wealthiest African Nations
These are the wealthiest african nationals in terms of GDP (PPP) and GDP (per capita)
- Egypt is the No.1 richest african nation followed by Nigeria as per the GDP economic output.
- Seychelles and Mauritius are the richest african nations in terms of GDP per capita income.
Africa has 3,270 UHNWI per region, this grew by 5% according to the latest Knight frank 2021 wealth report.
GDP (PPP)
| Peak value of GDP (PPP) as of 2020 Billions of International dollars |
Peak Year | ||
| 1 | Egypt | 1.2 Trillion | 2020 |
| 2 | Nigeria | 1.04 Trillion | 2020 |
| 3 | South Africa | 710.7 Billion | 2020 |
| 4 | Algeria | 488.2 Billion | 2020 |
| 5 | Morocco | 273.5 Billion | 2020 |
| 6 | Ethiopia | 272.0 Billion | 2020 |
| 7 | Kenya | 243.1 Billion | 2020 |
| 8 | Libya | 228.1 Billion | 2007 |
| 9 | Angola | 222.4 Billion | 2019 |
| 10 | Sudan | 188.8 Billion | 2016 |
Source: Wiki
GDP per capita
| Rank | Country | 2020 (US dollars) |
|---|---|---|
| 1 | Seychelles | $24,964 |
| 2 | Mauritius | $19,601 |
| 3 | Equatorial Guinea | $16,823 |
| 4 | Botswana | $15,281 |
| 5 | Gabon | $14,998 |
| 6 | South Africa | $11,269 |
| 7 | Namibia | $9,022 |
| 8 | Eswatini | $8,472 |
| 9 | Cabo Verde | $6,603 |
| 10 | Angola | $6,602 |
Source: Wiki
Growth of HNW Population in Africa
According to World wealth report, Global HNWI population and wealth increased by 8.8% and 8.6% respectively in 2019, significantly higher than the 2018 decline rates of 0.3% and 2.9%
HNWI Population: 19.6 million
HNWI Wealth: US$74.0 trillion
In a survey of HNW africans, 38% of the those are from ages 38 to 51. Many see unstable political environment and personal safety are seen as a significant risk to wealth preservation.
Source: Growth of HNWI population in Africa – World wealth report 2020
Citizenship and Residency
The Fear of protecting wealth caused by uncertain political climate, rise in crime and stringent policies are the biggest driver for second citizenship and residence planning among HNWI african clients.
African passports remain weakest in the world with hard visa restrictions on many africans. This is another major push factor for wealth to flow from Africa to Europe, America and Canada.
Global Interest remains high for citizenship and residency by investment abroad among many wealthy african families and investors. Nigeria and Egypt are the biggest consumer markets for second passport programs with Kenya, Ghana and Zimbabwe are emerging future markets.
Egypt already runs a citizenship by investment in Africa. It is worth remembering another african nation, Comoros also operated a investment citizenship scheme in the past.
Richest African cities
These are the richest african cities where many wealthy millionaires live.
- Johannesburg
- Cape Town
- Cairo
- Lagos
- Durban
- Nairobi
Richest African Billionaires
| No. | Name | Net worth (USD) as of 2021 | Nationality |
|---|---|---|---|
| 1 | Aliko Dangote | $12 billion | Nigeria |
| 2 | Nicky Oppenheimer | $7.7 billion | South Africa |
| 3 | Nassef Sawiris | $7.2 billion | Egypt |
| 4 | Johann Rupert | $6.8 billion | South Africa |
| 5 | Mike Adenuga | $5.3 billion | Nigeria |
| 6 | Issad Rebrab | $4 billion | Algeria |
| 7 | Naguib Sawiris | $4 billion | Egypt |
| 8 | Koos Bekker | $2.8 billion | South Africa |
| 9 | Isabel dos Santos | $2.7 billion | Angola |
| 9 | Patrice Motsepe | $2.7 billion | South Africa |
Source: Wikipedia
