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Africa Wealth Report 2024: Key insights

Sameera Casmod |
18 April 2024 | 12:24 p.m. SAST
2-minute read

Image: Henley and Partners

The Africa Wealth Report, produced in collaboration with Henley & Partners, analyses various aspects of wealth creation, migration patterns, and investment opportunities across Africa. The report covers approximately 20 different subsections, focusing on the wealthiest countries and cities in Africa, as well as key drivers of wealth.

According to Andrew Amoils, wealth analyst and head of research at New World Wealth, there are over 135,000 US dollar millionaires residing in Africa. Amoils explains that these millionaires are defined as individuals with liquid investable wealth, including listed company holdings and cash holdings.

The report also reveals a trend of a decline in the number of millionaires in Africa, with approximately 11,000 millionaires lost over the past decade.

Amoils attributes this decline primarily to depreciating currencies and underperforming stock markets in Africa.

“Well, there’s been about an 8% decline in US dollar millionaires in Africa over the last decade. Most of the decline has just been because of depreciating currencies. And the stock markets in Africa haven’t performed very well in US dollar terms. But about 20 or 25% migration of US dollar millionaires from Africa to places like the UK, the US, the UAE,” Amoils says.

Furthermore, there has been a notable migration of US dollar millionaires from Africa to countries such as the United Kingdom, the United States, and the United Arab Emirates.

Internal migration within Africa has also been observed, with wealthy individuals relocating to countries like Mauritius and South Africa.

Despite being the wealthiest country in Africa, South Africa has experienced a 20% decline in the number of millionaires over the past decade.

“South Africa is by far the wealthiest country in Africa. It’s got more than twice as many millionaires as any other country in Africa. But the number has declined by about 20% over the last decade,” Amoils says.

Other top performers include Morocco and Mauritius, with the latter showing a remarkable increase of almost 90% in millionaire population.

Looking ahead, Amoils provided projections for top-performing cities in the future, including Cape Town, Kigali, and Nairobi, among others.

Amoils discusses the link between the growth of millionaires and the expansion of the middle class, explaining the importance of both for economic development.

In terms of attracting more investment and retaining wealth, Amoils highlights the significance of factors such as safety and security, growth in key sectors, and favourable tax policies. Countries like Mauritius and Namibia, with attractive tax environments, serve as global models.

Listen to the full interview on Sabaahul Muslim with Moulana Sulaimaan Ravat here.


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