South Africa have been found to have the highest number of millionaires (HNWIs) in Africa according to a report by AfrAsia Bank and New World Wealth.
This report is the result of New World Wealth’s extensive research covering the wealth market in Africa.
They (South Africa) are closely followed by Egypt, Nigeria, Kenya and Angola
The report which covered wealth, luxury, prime property, collectable and wealth management trends on the continent from 2006 to 2016, with projections to 2026 revealed that South Africa Despite being only the 5th largest country in Africa in terms of population and 9th largest by land area, is by far the most advanced and richest country on the continent,” while Rwanda and Congo has the lowest number of Millionaires according to the report.
The report defines HNWIs as people with wealth of $1 million or more.
The following table ranks major African countries by number of HNWIs (millionaires).
As reflected, South Africa is home to the most HNWIs (Millionaires) on the continent while DR Congo has the lowest number of HNWIs (millionaires)
African Countries With The Highest and lowest Number Of Millionaires
(Note: The report didn’t covet the whole African countries)
Rank Country No of Millionaire
1. South Africa = 40,400 millionaires
2. Egypt, Arab Rep = 18,100 millionaires
3. Nigeria = 12,300 millionaires
4. Kenya 9,400 millionaires
5. Angola = 6,100 millionaires
6. Morocco = 4,600 millionaires
7. Algeria = 4,500 millionaires
8. Mauritius = 3,800 millionaires
9. Namibia = 3,300 millionaires
10. Ethiopia = 3,100 millionaires
11. Ghana = 2,900 millionaires
12. Botswana = 2,800 millionaires
13. Cote d’Ivoire = 2,500 millionaires
14. Tanzania = 2,400 millionaires
15. Uganda = 1,400 millionaires
16. Mozambique = 1,100 millionaires
17. Zambia = 1,000 millionaires
18. Rwanda = 600 millionaires
19. Congo, Dem. Rep. = 600 millionaires