The 2023 Africa Wealth Report has revealed that Uganda is 15th among the top 20 African countries that host the largest number of dollar millionaires, beating Rwanda and DR Congo, which are ranked 17th and 19th respectively.
The report also shows that Uganda registered a 45 per cent growth in high-net-worth individuals during the period ended December 2022;- there is an increase among dollar millionaires from 940 in 2021 to 1,500, according to Daily Monitor Newspaper.
“In their methodology, the report classifies dollar millionaires as individuals with investable assets of more than $1m, while centi-millionaires are those individuals that hold assets of $100m and more. Dollar billionaires hold $1b and more,” the local news paper stated.
In a reference from the above, the report elaborated that Uganda registered a slight decline among centi-millionaires from six to five individuals and for the second year running, did not register any dollar billionaire.
In the East African region, Kenya and Tanzania hosted more dollar millionaires and Centi- millionaires. The report ranked Kenya fourth among Africa’s top 20 hosts of millionaires, registering a 30 per cent growth among dollar millionaires, from 5,660 to 7,700 while centi-millionaires rose from 12 to 15 individuals.
While Tanzania closes off Africa’s top 10 hosts of dollar millionaires and registered a 20 per cent increase among dollar millionaires from 1,350 to 2,400, while centi-millionaires declined from seven to six individuals. However, Tanzania is the only country within East Africa to have consistently hosted a dollar billionaire since 2021.
The report also revealed that Africa’s ‘Big 5’ wealth markets South Africa, Egypt, Nigeria, Kenya, and Morocco together account for 56 per cent of the continent’s high-net-worth individuals (HNWIs) and over 90 per cent of its billionaires. There are currently 138,000 HNWIs with investable wealth of USD 1 million or more living in Africa, along with 328 centi-millionaires worth USD 100 million or more, and 23 US-dollar billionaires.
“Despite a tough past decade, South Africa is still home to over twice as many HNWIs as any other African country, and an impressive 30 per cent of the continent’s centi-millionaires. Egypt takes the prize for the most billionaires, and Mauritius boasts by far the highest wealth per capita (average wealth per person) in Africa, at USD 37,500, followed by South Africa at USD 10,880 and Namibia at USD 10,050,” Daily Monitor noted.
Nigeria, Africa’s largest economy, hosted 9,800 dollar millionaires, 27 centi-millionaires and four-dollar billionaires. And as of December 2022, Africa’s investable assets grew from $2.1 trillion to $2.4 trillion, while dollar millionaires grew from 136,000 to 138,000. Centi-millionaires grew from 305 to 328, while dollar billionaires grew from 21 to 23.
In terms of wealthiest cities and residential areas, four of Africa’s Top 10 wealthiest cities are in South Africa that is Johannesburg which has the most millionaires in Africa, with 14,600, Cairo, in 2nd place with 7,400 resident HNWIs, is just ahead of Cape Town, which has 7,200. Lagos is in 4th position with 5,400 millionaires, and Nairobi is 5th with 4,700. Durban is in 6th place with 3,600 and Pretoria is in the 8th spot with 2,400 HNWIs.
The report also indicated that South Africa is home to some of the world’s most upmarket residential areas including Clifton in Cape Town, Beachy Head Drive in Plettenberg Bay, and Sandhurst in Johannesburg.
According to New World Wealth’s latest figures, there are approximately 3,700 homes in South Africa that are valued at over USD 1 million. By this measure, South Africa ranks as one of the 20 largest prime residential markets in the world, well ahead of the other countries in Africa and in line with big emerging markets such as India and Brazil.
Meanwhile, the 2023 Africa Wealth Report is the continent’s annual benchmark for wealth research providing a comprehensive review of the wealth sector in Africa, including trends among HNWIs, the luxury market, and wealth management. And according to Andrew Amoils, Head of Research at New World Wealth, Africa is home to some of the world’s fastest-growing markets, including the likes of Rwanda and Mauritius.
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