People & Money

Nigeria is Africa’s Third Wealthiest Country- Africa Wealth Report 2023

According to the recently released Africa Wealth Report 2023 by Henley & Partners, one notable finding is that Nigeria has been ranked as the third richest nation in Africa.

The Africa Wealth Report is published annually by Henley & Partners, a global leader in investment-based residency and citizenship, in collaboration with wealth intelligence firm New World Wealth. It is widely recognized as the definitive guide to the wealth and luxury sector on the African continent.

Also Read: Seven Passports That Get You Visa-Free Access to Over 200 Countries

The report offers an extensive analysis of private wealth in Africa, encompassing trends in high-net-worth individuals, luxury, and wealth management. Additionally, it provides expert perspectives on investing in Africa, the investment migration industry, and economic mobility across the continent.

Key Highlights of the Report

About 138,000 USD millionaires are living in Africa, with South Africa having the largest chunk (37,800), followed by Egypt (16,100), Nigeria (9,800), Kenya (7,700), with Morocco completing the ‘Big 5’ with 5,800 USD millionaires. The report also noted that the five major wealth markets in Africa, namely South Africa, Egypt, Nigeria, Kenya, and Morocco, collectively represent 56% of Africa’s high-net-worth individuals and more than 90% of its billionaires. Rounding out the top ten wealthiest countries in Africa are Mauritius with 4,900 individuals, followed by Algeria with 2,800, Ethiopia with 2,700, Ghana with 2,600, and Tanzania with 2,400.

South African cities reign supreme on the list of Africa’s wealthiest cities, with Johannesburg leading the way with 14,600 USD millionaires. Cairo follows closely with 7,400 millionaires, while Cape Town, Lagos, and Nairobi round out the top five with 7,200, 5,400, and 4,700 millionaires respectively. The remaining cities on the list of Africa’s top ten wealthiest cities are Durban with 3,600 millionaires, Casablanca with 2,800, Pretoria with 2,400, Accra with 2,000, and Luanda with 1,800.

The report states that the decline in the total number of high-net-worth individuals in Africa by 12% over the past decade (2012 to 2022) is primarily attributed to lackluster growth in the continent’s three largest markets: South Africa, Egypt, and Nigeria. Between 2012 and 2022, Rwanda emerged as the best-performing market in Africa with millionaire growth of 72%, closely followed by Mauritius.

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According to the report, it is anticipated that the number of millionaires in Africa will increase by 42% in the next decade, with an estimated total of around 195,000 by 2032. It was also noted that over the past ten years (2012 to 2022), around 18,500 African USD millionaires have departed from Africa.

According to the report, approximately 30% of Africa’s centi-millionaires obtained their education in the United Kingdom and the United States. The majority acquired advanced degrees like MBAs and later returned to Africa, where they amassed their wealth. While the University of Cape Town, which is regarded as the best university in Africa, produced around 7% of Africa’s centi-millionaires.

Nigeria not in Top 20 Powerful Passports in Africa

In addition to the wealth report, the report included details regarding economic mobility in African nations. Seychelles ranks as the most powerful passport in Africa with a visa-free score of 153, followed by Mauritius and South Africa with visa-free scores of 146 and 106 countries respectively. Nigeria has a visa-free score of 46 countries representing 20% of the destinations worldwide and 2% of the global GDP.

Also Read: Empire Fenty: How Rihanna Became the Wealthiest Female Star Alive

Countries that complete the list of top 20 powerful passports in Africa include Botswana, Namibia, Lesotho, Eswatini, Malawi, Kenya, Tanzania, Tunisia, Zambia, The Gambia, Uganda, Cape Verde Islands, Morocco, Zimbabwe, Ghana, Sierra Leone, Mozambique, Benin, Rwanda, Sao Tome and Principle, Mauritania, and Burkina Faso.

David Olujinmi

David Olujinmi studies Engineering but his true passion is research and analysis. He writes about finance, particularly the capital market, investment banking, and asset management. More »

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