International wealth advisory firm Henley & Partners in collaboration with global wealth intelligence partner New World Wealth have released the 2024 Africa Wealth Report, detailing the total investible wealth on the continent.

Now in its 9th edition, the annual report released on Tuesday, April 16, 2024, revealed that there are currently 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth of USD 1 million or more living in Africa. There are 342 individuals worth USD 100 million (centi-millionaires) or more, and 21 dollar billionaires.

The report further indicated that 56 per cent of the continent’s millionaires and over 90% of its billionaires come from ‘Africa’s Big 5’ wealth markets; South Africa, Egypt, Nigeria, Kenya, and Morocco.

Henley & Partners also revealed that the total investable wealth currently held on the African continent amounts to USD 2.5 trillion and its millionaire population is set to rise by 65 per cent over the next 10 years.

South Africa remains home to the highest number of HNWIs on the continent boasting 37,400 millionaires, 102 centi-millionaires, and 5 billionaires, followed by Egypt with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires. Nigeria comes in 3rd with 8,200 HNWIs, followed by Kenya (7,200), Morocco (6,800), Mauritius (5,100), Algeria     (2,800), Ethiopia (2,700), Ghana (2,700), and Namibia (2,300).

The report indicated that over the next decade (to 2033), Kenya  is expected to grow its millionaire population by over 80 per cent.

At the city level, Johannesburg holds its place as the wealthiest in Africa, with 12,300 millionaires, 25 centi-millionaires, and 2 billionaires. Cape Town sits in second place with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire. Cairo (7,200 millionaires), Nairobi (4,400), and Lagos (4,200).

Nairobi is expected to enjoy a millionaire growth rate of over 85 per cent over the next 10 years.

“Solid growth of over 80%+ is also projected in Lusaka and Mombasa. Cape Town is on track to overtake Johannesburg to become Africa’s wealthiest city by 2030. We expect several major Johannesburg-based companies to move their head offices to Cape Town over the next decade, which should help to drive wealth growth in the city," the report reads in part.