Africa is experiencing a surge in wealth, with investable wealth reaching an impressive USD 2.5 trillion and a substantial increase in its millionaire population projected over the next decade. According to the latest data from Henley & Partners’ 2024 Africa Wealth Report, the continent is home to 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth exceeding USD 1 million, along with 342 centi-millionaires worth USD 100 million or more, and 21 billionaires.
The report highlights Africa’s ‘Big 5′ wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco — which collectively represent 56% of the continent’s millionaires and over 90% of its billionaires.
At the forefront of Africa’s wealth landscape is Johannesburg, often dubbed the financial capital of South Africa. The city boasts 12,300 millionaires, 25 centi-millionaires, and 2 billionaires, solidifying its position as the wealthiest city on the continent.
Close behind is Cape Town, with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire. This vibrant coastal city is poised for significant growth, as indicated by Andrew Amoils, head of research at New World Wealth, who predicts Cape Town to overtake Johannesburg as Africa’s wealthiest city by 2030. He anticipates a migration of major companies’ head offices from Johannesburg to Cape Town over the next decade, which is expected to drive wealth growth in the city.
The report also sheds light on other emerging millionaire-magnet cities and regions. Cape Town’s Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech are all forecasted to experience growth of over 85% in their millionaire populations over the next 10 years. Lusaka and Mombasa are not far behind, with growth projections exceeding 80%.
Andrew Amoils emphasises the potential of these emerging cities and regions, stating, “We expect several major Johannesburg-based companies to move their head offices to Cape Town over the next decade, which should help to drive wealth growth in the city.”
Cape Town’s appeal is not solely based on its economic opportunities but also on its natural beauty and lifestyle offerings. The Whale Coast, famous for its majestic whales and pristine coastline, is attracting wealthy individuals seeking luxury living spaces amidst breathtaking scenery.
Meanwhile, Kigali, the capital of Rwanda, is rapidly transforming into an economic and technological hub, offering a conducive environment for business growth and innovation.
In Namibia, Windhoek and Swakopmund are becoming attractive destinations for high-net-worth individuals, with a combination of investment opportunities and quality of life amenities.
Nairobi, the capital of Kenya, remains a key urban wealth hub with a projected millionaire growth of over 85%. The city’s strategic location and vibrant economy make it an appealing destination for investors and entrepreneurs alike.
Similarly, Tangier and Marrakech in Morocco are emerging as significant players in Africa’s wealth landscape, offering a blend of cultural richness and economic opportunities.
As Africa’s wealth continues to grow, these cities and regions are poised to become hotspots for investment, innovation, and luxury living. With Cape Town leading the charge, the continent is witnessing a shift in its economic epicenter, promising a future of prosperity and opportunity for its inhabitants.
