While the average African person has net assets worth approximately $1,900, Africa is home to around 140,000 high-net-worth individuals whose financial assets are worth more than $1 million.
Those 140,000 people combined are worth $920 billion, or 42 percent of Africa’s total wealth.
That number includes 23 billionaires, each with net assets of $1 billion or more.
But where do these super-rich Africans choose to live and which countries are home to the most wealthy people?
To find out, we took a closer look at the latest African Wealth Report compiled by New World Wealth and AfrAsia Bank.
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These are the 10 African countries with the most super-rich residents.
10. Ivory Coast
This top 10 begins with the only West African francophone country on the list. Ivory Coast accounts for around 2,500 dollar millionaires and 100 multi-millionaires whose fortunes are each worth more than $10 million. The high-net-worth individuals in Ivory Coast have a cumulative wealth of around $43 billion, the report estimates.
9. Ghana
Ghana’s economic growth has been one of the major African success stories in recent years, and the country is predicted to grow at around 7.6 percent in 2019. Wealthy Ghanaians have been enjoying the country’s economic growth, with around $56 billion shared among 2,900 high-net-worth individuals. Of those, 120 are multi-millionaires owning more than $10 million in assets.
8. Angola
Angola is home to around 3,200 millionaires — 140 of them worth more than $10 million. The country also lays claim to Africa’s richest woman, billionaire Isabel dos Santos, the oldest daughter of Angola’s longtime former president, Jose Eduardo dos Santos. Dos Santos is reportedly worth around $2.1 billion, according to Forbes.
7. Ethiopia
With around $57 billion in wealth held among 3,200 high-net-worth Ethiopians, the East African country earns seventh place on this list. There are 150 multimillionaires in Ethiopia, and four people considered centi-millionaires, worth more than $100 million, according to the African Wealth Report.
6. Mauritius
Ghana and Ethiopia have larger economies than Mauritius, but the island nation in the Indian Ocean has seen its millionaires growing significantly in recent years, sometimes by as much as 20 percent per year. No billionaires live in Mauritius at present, but the 4,400 millionaires include 190 multi-millionaires and six centi-millionaires. Mauritius is welcoming to foreigners who want to acquire permanent residence in the country, helping it to attract the super-rich.
5. Morocco
The Africa Wealth Report states that three billionaires live in Morocco, with 4,600 millionaires controlling around $114 billion in the North African country. Of those super-rich individuals, 200 are worth more than $10 million each and 20 have a fortune worth more than $100 million.
4. Kenya
The number of Kenyan centi-millionaires has grown as economic growth in the country surpassed others in the East African region. There are now 16 centi-millionaires and 340 multimillionaires out of around 8,600 high-net-worth individuals, each worth more than $1 million.
3. Nigeria
Africa’s richest man, Aliko Dangote, lives in Nigeria but Africa’s most populous country is not home to the most millionaires on the continent. The West African country is third on this list, with an estimated 9,900 super-wealthy residing in Nigeria. Around 500 of those are worth more than $10 million while 27 are worth more than $100 million. Nigeria is also home to four billionaires including Dangote, whose wealth is estimated to be worth $17 billion.
2. Egypt
Egypt is home to the most billionaires in Africa, with six Egyptians holding more than $1 billion in assets. The North African country has around 16,700 dollar millionaires within its borders, including 870 multi-millionaires and 56 centi-millionaires.
1. South Africa
South Africa has the largest high-net-worth population in Africa, with 39,200 dollar millionaires making up 28 percent of the total 140,000 in Africa, according to the report. South Africa is also home to five billionaires and 94 people who are worth more than $100 million. The majority of the wealthiest South Africans live in Johannesburg. The richest city in Africa, Johannesburg is home to 16,600 people with more than $1 million in assets.
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