Half of Africa’s wealth is concentrated in just five countries, the ‘Big 5’

Africa is home to an estimated 21 billionaires and some of the world’s fastest-growing markets.

Total private wealth in Africa is estimated to be US$2.1 trillion, and 50% of that wealth is concentrated in just five countries: South Africa, Egypt, Nigeria, Morocco, and Kenya.

The latest Africa Wealth Report provides the most comprehensive review of the wealth sector in Africa, including trends among high-net-worth individuals, the luxury market, and wealth management.

The report also reveals that private wealth is expected to rise by 38% over the next ten years and reach US$3 trillion by 2031, an increase of close to 40%.

COUNTRY RANKINGS

The table below ranks major African countries by their total wealth.

Larger countries have an obvious advantage because of their higher populations. As reflected, the ‘Big 5’ wealth markets in Africa are:

• South Africa
• Egypt
• Nigeria
• Morocco and
• Kenya

Together these five countries account for over 50% of Africa’s
total wealth.

Total wealth refers to the private wealth held by all the individuals living in a country, including all their assets (property, cash, equities, and business interests), less liabilities.

Government funds are excluded.

The table below ranks major African countries on a wealth per capita basis. Mauritius is the wealthiest country in the region, followed by South Africa and Namibia.

Notably, South Africa is home to over twice as many millionaires as any other African country, while Egypt has the most billionaires on the continent.