The population of Africa’s millionaires is estimated to hit a significant growth of 195,000 by 2032.
According to an outline in the Africa Wealth Report 2023, this marks a 42% increase from the 138,000 HNWIs recorded in 2022.
Mauritius is expected to be a standout performer in this growth, with a forecasted 75% increase over the next decade.
Meanwhile, South Africa has the highest number of millionaires, sitting at number one with 37,800 and Egypt with 16,100.
However, the overall growth of millionaire population in Africa has been hindered by a 12% decline since 2012. This decline is primarily attributed to sluggish economic performance in the continent’s three largest economies: South Africa, Egypt, and Nigeria.
Nigeria’s Gross Domestic Product (GDP) registered a year-on-year growth of 2.51% in real terms in the second quarter of 2023, which is a slight improvement from the previous quarter but a decline compared to the corresponding period in 2022.
The slow growth was attributed to issues such as energy shortages, transportation bottlenecks, and currency devaluation pressures.
The report highlights specific indicators that contribute to wealth creation, such as a country’s safety levels and the efficiency of its local law enforcement.
According to a New World Wealth’s Safety Index for 2022, Mauritius is rated as the safest country in Africa, closely followed by Namibia.