Wealth is quickly growing in african continent producing a significant number of millionaires and billionaires. The emergence of vast numbers of newly wealthy Africans over the past decade has had a profound effect on global economic landscape

“Wealth,” is defined as the value of financial assets plus real assets (principally housing) owned by households, minus their debts.

Africa is the new face of wealth and prosperity with sudden growth of a new generation of middle class wealth led by South Africa, Nigeria and Egypt. The global millionaire population continues to grow in africa. Africa is quickly becoming a major investment destination due to rapid urbanisation, oil and gas wealth, expansion of real estate market and other service sectors.

List of Wealthiest African Nations

These are the wealthiest african nationals in terms of GDP (PPP) and GDP (per capita)

  • Egypt is the No.1 richest african nation followed by Nigeria as per the GDP economic output.
  • Seychelles and Mauritius are the richest african nations in terms of GDP per capita income.

GDP (PPP)

Rank
Country
Peak value of GDP (PPP) as of 2020
Billions of International dollars
Peak Year
1 Egypt 1.2 Trillion 2020
2  Nigeria 1.04 Trillion 2020
3  South Africa 710.7 Billion 2020
4  Algeria 488.2 Billion 2020
5  Morocco 273.5 Billion 2020
6  Ethiopia 272.0 Billion 2020
7  Kenya 243.1 Billion 2020
8  Libya 228.1 Billion 2007
9  Angola 222.4 Billion 2019
10  Sudan 188.8 Billion 2016

Source: Wiki

GDP per capita

Rank Country 2020 (US dollars)
1 Seychelles $24,964
2 Mauritius $19,601
3 Equatorial Guinea $16,823
4 Botswana $15,281
5 Gabon $14,998
6 South Africa $11,269
7 Namibia $9,022
8 Eswatini $8,472
9 Cabo Verde $6,603
10 Angola $6,602

Source: Wiki

Growth of HNW Population in Africa

According to World wealth report,  Global HNWI population and wealth increased by 8.8% and 8.6% respectively in 2019, significantly higher than the 2018 decline rates of 0.3% and 2.9%

HNWI Population: 19.6 million
HNWI Wealth: US$74.0 trillion

In a survey of HNW africans,  38% of the those are from ages 38 to 51. Many see unstable political environment and personal safety are seen as a significant risk to wealth preservation.

HNWI Population Africa

Source: Growth of HNWI population in Africa – World wealth report 2020

Citizenship and Residency

The Fear of protecting wealth caused by uncertain political climate, rise in crime and stringent policies are the biggest driver for second citizenship and residence planning among HNWI african clients.

African passports remain  weakest in the world with hard visa restrictions on many africans. This is another major push factor for wealth to flow from Africa to Europe, America and Canada.

Global Interest remains high for citizenship and residency by investment abroad among many wealthy african families and investors. Nigeria and Egypt are the biggest consumer markets for second passport programs with Kenya, Ghana and Zimbabwe are emerging future markets.

Egypt already runs a citizenship by investment in Africa. It is worth remembering another african nation, Comoros also operated a investment citizenship scheme in the past.

Richest African cities

These are the richest african cities where many wealthy millionaires live.

  • Johannesburg
  • Cape Town
  • Cairo
  • Lagos
  • Durban
  • Nairobi

Richest African Billionaires

No. Name Net worth (USD) as of 2021 Nationality
1 Aliko Dangote $12 billion Nigeria
2 Nicky Oppenheimer $7.7 billion  South Africa
3 Nassef Sawiris $7.2 billion  Egypt
4 Johann Rupert $6.8 billion  South Africa
5 Mike Adenuga $5.3 billion  Nigeria
6 Issad Rebrab $4 billion  Algeria
7 Naguib Sawiris $4 billion  Egypt
8 Koos Bekker $2.8 billion  South Africa
9 Isabel dos Santos $2.7 billion  Angola
9 Patrice Motsepe $2.7 billion  South Africa

Source: Wikipedia