These 10 African Countries Have the Highest Number of Millionaires in 2022

These 10 African Countries Have the Highest Number of Millionaires in 2022

  • South Africa dominates the rest of African countries with the greatest number of dollar millionaires with a combined private wealth of $651 billion
  • The report which was published recently states that Africa has combined wealth of $2.1 trillion held by individuals
  • South Africa also leads with individuals with the highest number of billionaires amounting to over $300 billion

Nigeria, Egypt, South Africa, Morocco and Kenya make up Africa’s biggest five economies which account for 50 per cent of the continent's total wealth, says the latest report 2022 Africa Wealth report which is cited by Business Insider and confirmed by

The report was published by a research firm, New World Wealth and Henley & Partners, which lists data based on wealthy individuals.

Nigeria, Egypt, South Africa, Kenya
Lagos, Nigeria Credit: Bloomberg / Contributor
Source: Getty Images

Over $2 trillion in Africa are in private hands

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The report states that the total private wealth currently held on the African continent in US dollars is about $2.1 trillion and is forecasted to rise by 38 per cent in the next decade.

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The report also noted that the wealth creation and the capital flow across the Sub-Sahara Africa would be linked to the performance of big economies which will be driven by the desire to diversify wealth-making sources.

A crucial highlight of the report shows that Africa has 21 dollar billionaires, 305 dollar millionaires who are worth $100 million or more and about 136,000 with a private wealth of $1 million or more.

South Africa, interestingly remains the country with the most millionaires of any country in Africa, while Egypt follows with the country's second-highest millionaires.

South Africa has highest number of billionaires in dollars

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The report ranks South Africans as having the greatest combined wealth at $651 billion in regards to the wealth held by private citizens, Egypt follows with $307 billion and Nigeria with $228 billion.

In terms of wealth held by private citizens, the report ranked South African citizens as having the greatest combined wealth at $651 billion, followed by Egypt ($307 billion) and Nigeria ($228 billion).

The list African countries with the highest number of millionaire is listed thus:

  • South Africa - 39,300
  • Egypt - 16,900
  • Nigeria - 10,000
  • Kenya - 8,500
  • Morocco - 5,000
  • Mauritius - 4,800
  • Ghana - 2,900
  • Ethiopia - 2,900
  • Tanzania - 2,400
  • Angola - 2,400

21 Africa Countries with the highest cattle population and beef production reports that Africa parades one of the highest beef consumers in the world and by extension, the highest milk producers and eaters. The soaring demand for beef, milk and by-products has created a massive global market.

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This accounts for the reason cows are over-priced in some countries on the continent.

Business Insider report, which quoted Statista said the global beef industry is valued at $395.22 billion as of 2021 and is projected to grow to $604.34 billion by 2029.


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