The number of millionaires in Ghana has risen significantly over the last decade reaching a total of 2,700, to place the country eighth among African countries with the wealthiest people.
Staying atop is South Africa with a total of 37, 000 millionaires, followed by Egypt and Nigeria according to the 2024 Africa Wealth Report released on Tuesday by Henley & Partners, a wealth advisory firm.
“Now in its 9th edition, the annual report reveals that there are currently 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth of USD 1 million or more living in Africa, along with 342 centi-millionaires worth USD 100 million or more, and 21 dollar billionaires. Africa’s ‘Big 5’ wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of the continent’s millionaires and over 90% of its billionaires,” authors of the report said.
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Overall, the continent is projected to grow its millionaire population by 65% in the next decade, marking private wealth at US$4 trillion in annual estimates. This growth is fuelled by key sectors such as fintech, eco-tourism, and business process outsourcing.
Additional sectors like software development, rare metals mining, green tech, wealth management, media, and entertainment will further bolster the continent’s wealth surge, said Dominic Volek, Group Head of Private Clients at Henley & Partners.
While the continent may have experienced setbacks such as currency depreciation and underperforming stock markets in the last decade, it’s projected that the likes of Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda will spur growth on the continent in the next 10 years as they are expected to experience 80%+ millionaire growth.
“Mauritius, with its stable governance and favorable tax regime, is projected to experience a remarkable 95% growth rate, positioning it as one of the world’s fastest-growing wealth markets. Namibia, too, is poised for impressive high-net-worth growth, which is forecast to exceed 85% by 2033. Both Mauritius and Namibia offer investment migration pathways to attract global investors,” the report said.