10 African countries with the highest number of dollar millionaires, according to latest ranking

• Business Insider Africa presents a list of 10 African countries with largest concentration of millionaires.
• The list is courtesy of the 2022 Africa Wealth Report.
• Countries from different parts of the continent are represented on the top 10 list.

Henley & Partners recently collaborated with New World Wealth to release the 2022 Africa Wealth Report which show some very interesting statistics. We at Business Insider Africa got a hold of the 75-paged report, and hereby bring you the highlights.

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First, a total sum of $2.1 trillion is currently held by Africa's private sector. And the number is expected to jump 38% come 2032.

Another fascinating revelation from the report is that 50% of Africa's wealth is currently concentrated in just five countries. We shall be focusing on these countries shortly.

Also, there are currently some 136, 000 individuals with net worths of over a million dollars living across the African continent. In the same vein, the continent also has about 6,700 multimillionaires, with a net worth of at least $10 million.

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More so, a total of 305 centi-millionaires (i.e., individuals with net worths of over $100 million and more) are living in Africa at the moment. And the number of dollar billionaires in Africa currently stands at 21.

New World Wealth has predicted a healthy wealth growth of 38% for Africa in the next decade, and several Eastern African countries stand out — with over 60% growth expected in Uganda and Rwanda by 2031, and over 50% in Kenya and Zambia, said a part of the report.

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10 African countries with the highest number of dollar millionaires

1. South Africa: There are some 39, 3000 high net worth individuals in South Africa who have net worths of over $1 million. The total number of multimillionaires in this country stands at 2,080, with 94 centi millionaires as well as 5 billionaires. Meanwhile, the total private wealth in this country is registered at a staggering $651 billion, the largest in Africa.
2. Egypt: There are some 16, 900 high net worth individuals in Egypt who have net worths of over $1 million. The total number of multimillionaires in this country stands at 880, with 57 centi millionaires as well as 7 billionaires. Meanwhile, the total private wealth in this country is registered $307 billion.
3. Nigeria: There are some 10, 000 high net worth individuals in Nigeria who have net worths of over $1 million. The total number of multimillionaires in this country stands at 510, with 28 centi millionaires as well as 4 billionaires. Meanwhile, the total private wealth in this country is registered $228 billion.
4. Kenya: There are some 8,500 high net worth individuals in Kenya who have net worths of over $1 million. The total number of multimillionaires in this country stands at 340, with 15 centi millionaires and zero billionaires. Meanwhile, the total private wealth in this country is registered $91 billion.
5. Morocco: There are some 5, 000 high net worth individuals in Morocco who have net worths of over $1 million. The total number of multimillionaires in this country stands at 220, with 22 centi millionaires as well as 3 billionaires. Meanwhile, the total private wealth in this country is registered $125 billion.
6. Mauritius: There are some 4, 800 high net worth individuals in Mauritius who have net worths of over $1 million. The total number of multimillionaires in this country stands at 210, with 6 centi millionaires and zero billionaires. Meanwhile, the total private wealth in this country is registered $44 billion.
7. Ethiopia: There are some 2,900 high net worth individuals in Ghana who have net worths of over $1 million. The total number of multimillionaires in this country stands at 140, with 4 centi millionaires and zero billionaires. Meanwhile, the total private wealth in this country is registered $52 billion.
8. Ghana: There are some 2,900 high net worth individuals in Ghana who have net worths of over $1 million. The total number of multimillionaires in this country stands at 120, with 4 centi millionaires and zero billionaires. Meanwhile, the total private wealth in this country is registered $59 billion.
9. Tanzania: There are some 2,400 high net worth individuals in Tanzania who have net worths of over $1 million. The total number of multimillionaires in this country stands at 80, with 8 centi millionaires and 1 billionaires. Meanwhile, the total private wealth in this country is registered $56 billion.
10. Angola: There are some 2,400 high net worth individuals in Ghana who have net worths of over $1 million. The total number of multimillionaires in this country stands at 110, with 3 centi millionaires and 1 billionaires. Meanwhile, the total private wealth in this country is registered $53 billion.

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