Africa Wealth Report 2022: Kenya Has Been Ranked 5th Wealthiest Country in Africa in the Latest Report.
The latest 2022 Africa Wealth Report has revealed that the ‘Big 5’ holds more than 50% of the Continent’s Private Wealth.
According to the latest 2022 Africa Wealth Report, published Tuesday, April 2022; by Henley & Partners in partnership with New World Wealth, the total private wealth currently held on the African continent is USD 2.1 trillion.
It is expected to rise by 38% over the next 10 years.
The report reveals that Africa’s ‘Big 5’ private wealth markets — South Africa, Egypt, Nigeria, Morocco, and Kenya — together account for over 50% of the continent’s total wealth.
There are currently 136,000 high-net-worth individuals (HNWIs) with a private wealth of USD 1 million or more living in Africa, along with 305 centi-millionaires with USD 100 million or more, and 21 US dollar billionaires.
The Africa Wealth Report is the continent’s annual benchmark for private wealth research that provides a comprehensive review of the wealth sector in Africa, including trends among HNWIs, the luxury market, and wealth management.
South Africa is home to over twice as many HNWIs as any other African country, while Egypt now has the most billionaires. Mauritius has the highest wealth per capita in Africa, at USD 34,500, followed by South Africa at USD 10,970 and Namibia at USD 9,320.
Andrew Amoils, Head of Research at New World Wealth, says “Africa is home to some of the world’s fastest-growing markets, including Rwanda, Uganda, and Mauritius. We forecast private wealth growth of over 60% in all three countries in the next decade, driven by especially strong performance in the technology and professional services sectors.”
Africa Wealth Report 2022, rank on capita basis
1. South Africa
South Africa tops with 39,300 HNWIs.
The total private wealth in the country was placed at US $ 651 billion (KSh 75.4 trillion) with the nation having a record 2,080 multi-millionaires and 94 centi-millionaires.
South Africa has five billionaires (people whose wealth is valued at over KSh 110 billion).
Egypt emerged second with 16,900 HNWIs, 880 multi-millionaires, 57 centi-millionaires, and seven billionaires.
The value of the total private wealth in the country is US $ 307 billion (KSh 35.6 trillion).
The country has 10,000 HNWIs and was placed third on the list.
It has 510 multi-millionaires, 28 centi-millionaires and four billionaires.
Nigeria’s total private wealth is valued at US $ 228 billion (KSh 26.4 trillion).
The Northern African country bordering the Atlantic Ocean and the Mediterranean Sea was listed as the fourth wealthiest country in Africa with total private wealth valued at US $ 125 billion (KSh 14.5 trillion).
Morocco was ranked the third-largest luxury market in Africa behind South Africa and Kenya.
The report stated wealth in Morocco had grown by 18% over the last 10 years.
Kenya has registered a 43% growth in total wealth over the last decade. The country has US $ 91 billion (KSh 10.6 trillion) in total private wealth.
Kenya boasts 8,500 HNW1s, 340 multi-millionaires and 15 centi-millionaires.
Ghana is an average natural resource enriched country possessing industrial minerals, hydrocarbons, and precious metals.
The West African country has US $ 59 billion (KSh 6.8 trillion) in total private wealth.
It has 5,900 HNWIs, 120 multi-millionaires and four centi-millionaires.
Tanzania has 2,400 HNWIs. The total private wealth in the East African nation is valued at US $ 56 billion (KSh 6.5 trillion).
Tanzania has 80 multi-millionaires, eight centi-millionaires and one billionaire.
According to the study, the country has 2,400 individuals with a net worth of over KSh 115.7 million.
Angola has rich raw minerals such as diamonds, gold and copper. It also produces oil and rakes in revenue from its wildlife.
The Africa Wealth Report 2022 indicated the country has 2,900 HNWIs. The total private wealth in the East African country was valued at US $ 52 billion (KSh 6.02 trillion).
Mauritius with 4,800 individuals with a net worth of over KSh 115 million closes the top 10 list.
Over the past decade, Mauritius was the fastest-growing wealth market in Africa with a growth of 74% between 2011 and 2021.