Africa: Five countries account for 56% of dollar millionaires (report) (2024)

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Africa: Five countries account for 56% of dollar millionaires (report)? ›

Africa's 'Big 5' wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of the continent's millionaires and over 90% of its billionaires.

Despite a challenging past decade, with a 20% decline in its millionaire population, South Africa remains home to over twice as many HNWIs as any other African country. According to the latest data, it has five billionaires, 102 centimillionaires, and 37,400 millionaires.

With a GDP of 510 billion dollars, Nigeria holds the position. of the richest country in Africa. This high GDP. is mainly driven by the abundance of crude oil. and other natural resources.

Mauritius. Mauritius claims the top spot as the richest country in Africa in 2024, with a GDP-PPP per capita of $31,157.

Now in its 9^th edition, the annual report reveals there are currently 135,200 HNWIs with investable wealth of USD 1 million or more living in Africa, along with 342 centi-millionaires and 21 dollar billionaires.

China is now the largest non-traditional contributor of aid to sub-Saharan African countries.

1. Burundi. Burundi consistently ranks among the poorest countries globally.

Which African Country is Safest? As per the Global Peace Index, Mauritius tops the list as the safest African country. Its mix of stable government, low crime rate, and island beauty make it particularly appealing.

10 Most Developed Countries in Africa

Mauritius tops the list as the most developed country in Africa with an impressive HDI of 0.802. This high rating is a testament to the nation's focused efforts in improving health, education, and living conditions.

Ghana has a higher standard of living and is generally cleaner and has lower levels of crime and unrest. it also has relatively better educational institutions. Nigeria on the other hand is more economically viable which means that more money can be made in Nigeria and businesses do better in terms of volume.

What is the poorest country in the world? ›

The first African country with a GDP over $1 trillion in 2030 will be Nigeria, according to experts. The calculation says the country's economy will more than double in that time frame.

Zambia Total Private Wealth

The country has 800 HNWIs, 30 multi-millionaires, and 2 centi-millionaires, but no billionaires.

Morocco is home to four billionaires, 28 centi-millionaires, and 5,800 millionaires. Mar. 29, 2023 12:47 p.m.

While the process is still ongoing, the reforms have attracted foreign direct investment. In 2015, Ethiopia has 2,700 millionaires, a number that has more than doubled since 2007. Their fortunes are mainly built-in niches of economic rents (banks, mines, etc.)

The Tunisian Dinar ranks first; it is the strongest currency in Africa and is one of the best-performing currencies globally. The Dinar is the most stable African currency against foreign inflation rates and has low volatility compared to other currencies.

The wealthiest African American, Robert Smith, has an estimated net worth of $5 billion in 2021, almost twice that of Oprah Winfrey and Jay Z, who are the wealthiest Black entertainers.