Top 10 African countries with the most millionaires | Africanews (2024)

FAQs

Which country in Africa has the most millionaires? ›

Africa Wealth Report 2024

As the following chart shows, South Africa had the highest number of so-called high net worth individuals (HNWIs) with 37,400 millionaires, 102 centi-millionaires and 5 billionaires.

The report, now in its 9th edition, highlights that South Africa, Egypt, Nigeria, Kenya, and Morocco—the “Big 5” wealth markets—collectively house 56 percent of the continent's millionaires and over 90 percent of its billionaires.

Nigeria. It is Nigeria, a country in West Africa, which stands out as the most powerful economy on the continent. With a GDP estimated at $477 billion in 2022, Nigeria is at the top of the ranking of the richest African countries, ahead of Egypt and South Africa.

Income per capita in Africa 2022, by country

Seychelles recorded the highest Gross National Income (GNI) per capita in Africa as of 2022, at 14,340 U.S. dollars. The African island was, therefore, the only high-income country on the continent, according to the source's classification.

The World of Statistics, in its latest report released on Sunday via its X handle, ranked Egypt as the most powerful country in Africa. Following in that order are South Africa, Morocco, Algeria, Nigeria and Tunisia.

Ranked: Africa's Economies by GDP

At first place, South Africa is Africa's biggest economy in nominal terms, with an estimated GDP of nearly $400 billion. The country's mining industry is a major contributor to the economy, accounting for nearly 60% of total exports in the first half of 2023.

According to the land survey conducted by the African Development Bank, 64 percent of the total land area of Africa is owned by the state and other institutions, while 36 percent is privately owned.

China. China is the world's largest investor in Africa in terms of total capital.

What are Africa's 6 fastest growing economies? ›

These are Niger, Senegal, Libya, Rwanda, Côte d'Ivoire, Djibouti, Ethiopia, the Gambia, and Benin. Niger will be not only the third-fastest-growing economy in the world but also, surprisingly, the fastest-growing in Africa.

Solange Muhirwa, Rwanda's Chief Urban Planner, says Kigali chose to be the cleanest city in Africa, and that contrary to popular opinion, clean cities are not limited to rich or developed countries alone.

With a GDP per capita of $21,580 in 2023, the Seychelles is Africa's most prosperous nation, based on this indicator.

With a GDP per capita of $21,580 in 2023, the Seychelles is Africa's most prosperous nation, based on this indicator.

United States. The U.S. is home to the most millionaires of any country by a large margin. In fact, nearly 9% of U.S. adults are millionaires today. This makes sense, as the United States has the world's largest domestic economy.

Ghana's US$ millionaire count has increased significantly over the last decade as 2,700 out of the total 135,200 millionaires in Africa live in Ghana, Africa Wealth Report 2024 has disclosed.