Despite the continent’s strong economic growth over the past decade, the majority of Africans still struggle to make ends meet. That is not to say, however, that Africa lacks wealthy people.
The African continent presently has investable wealth worth USD 2.4 trillion, and the number of billionaires is anticipated to grow by 42% over the next ten years, according to the newly released 2023 Africa Wealth Report by Henley & Partners in partnership with New World Wealth.
According to the study, Africa's "Big 5" wealth markets, namely South Africa, Egypt, Nigeria, Kenya, and Morocco, account for 56% of the continent's high-net-worth people (HNWIs) and more than 90% of its billionaires.
Currently, the region is home to 138,000 HNWIs worth USD 1 million or more, 328 centi-millionaires worth USD 100 million or more, and 23 US currency billionaires.
South Africa still has twice as many HNWIs as any other African nation and makes up an outstanding 30% of the continent's centi-millionaires, despite a difficult past decade.
Africa's wealth market is expanding steadily, providing chances for investors, company owners, and companies seeking to increase their operations there.
Below are the top ten African countries with the most millionaires in 2023.
Tanzania takes the tenth spot on the list of African countries with the most millionaires with 2,400 of its citizens being a millionaire.
With a population of over 63.3 million and a GDP of $62 billion today, this African nation has been successfully expanding its economy for the past 20 years.
The nation expanded to the point in 2020 where its economy moved from a basic national income to a greater national income.
This economic growth had a positive impact on Tanzania's ability to maintain its macroeconomic strength despite the pandemic, which contributed to the country's overall growth (including domestic production) as a benefit of its advantageous location and abundant natural resources.
By September 2021, Tanzania's economy had completely recovered thanks to some of its key economic activities, including mining, energy production, and tourism.
The following year, the nation's other key economic sectors, including telecommunications, private-sector credit, exports of goods and services, imports of non-fuel products, cement output, mobility, visitor arrivals, and exports of goods and services, all experienced a sharp recovery.
Ghana’s economy is broad and resource-rich. With a GDP of over $72 billion, it is ranked ninth on the list of the African countries with the most millionaires.
The nation has drawn foreign investment and grown at a pace of just over 6% over the last two years due to its generally favourable business climate.
Nearly a third of Ghana's population is employed in services, which make up nearly half of the country's GDP.
The sector is the second-largest provider of GDP after agriculture, contributing just under 25%.
Natural material wealth in Ghana has facilitated the nation's economic growth.
The nation's primary product is gold. Petroleum follows, with half of the nation's foreign currency coming from it.
A few other noteworthy products are gold, timber, and cocoa beans.
In Ethiopia, Agriculture, construction, manufacturing, tourism, food processing, resources, and energy account for $93.97 billion in GDP, this could easily explain why the country is ranked eighth on the list of African countries with the most millionaires in 2023.
The most valuable resource in the area is agriculture, which contributes more than 40% of the GDP, 60% of exports, and more than 80% of all jobs.
Ethiopia's GDP has expanded on average by 9.9% annually since 2008.
Only a few African nations have been able to maintain this yearly development, and it has started to attract foreign investment.
To further open up the economy and promote change, the government launched a bold economic reform in 2018.
The nation's poverty rate was 31% in 2015, and by 2025, it intended to have a middle-income economy.
Algeria, the continent’s largest country in the north, is ranked seventh on this list of African countries with the most millionaires in 2023.
With a GDP of over $150 billion and a sizable economy and infrastructure, the county has made significant strides in the last 20 years to reduce poverty by 20%.
The economy of this developing Saharan nation is heavily dependent on its abundant natural oil deposits.
So much so that the country's income is primarily derived from fuels (oil and natural gas).
This country's rapidly developing manufacturing sector has profited from the recent discovery of additional crude oil deposits.
Other sectors of Algeria's economy include construction, business services, industrial operations, and agriculture.
The nation is also a major provider of ammonium to Africa.
However, it is important to note that the country's foreign exchange reserves have shrunk as a consequence of the present oil price slump.
Politico-economic unrest in Algeria has also hampered the country's economic expansion.
Mauritius is an island state of about 1.25 million people (2021) located off the southeast coast of Africa, neighbouring the French island of La Reunion ranks sixth among African countries with the most millionaire in 2023.
The country’s economy has made great strides since independence in 1968 and is now classified as an upper-middle-income economy.
Its key challenges include managing the transition to a knowledge-based economy and adapting to the impacts of climate change.
In July 2020, Mauritius attained high-income status. (based on 2019 data).
The COVID-19 pandemic's effects, however, resulted in a reversion to an upper-middle-income position in 2021.
Despite handling the public health disaster successfully, there was a significant economic effect, and GDP shrank by 14.6% in 2020.
Despite challenges from the COVID-19 Omicron variant wave and the Ukrainian conflict, GDP growth recovered by a comparatively modest 3.5% in 2021 and increased to an expected 8.3% in 2022.
Morocco takes fifth place on the list of African countries with the most millionaire in the year 2023 with 5,800 of the country's citizens being millionaires.
This North African nation's economy, which has a GDP of more than $120 billion and has grown in several areas over the past ten years, is varied and stable.
It is the second-richest non-oil-generating country in Africa.
The prosperity of the nation is largely driven by mining and manufacturing. 30% of Morocco's GDP comes from manufacturing, 15% from agriculture, and 55% from services.
The government places a strong emphasis on drawing tourists to the nation's well-known sites, and the growing tourism industry contributes to this by encouraging locals to welcome tourists.
The third-largest producer of phosphorus in the globe is Morocco, which is heavily dependent on farmland.
The nation has reaped significant rewards from its diverse exports, which include cars, electrical equipment, and auto components.
The communication and textile sectors also significantly contribute to the economy.
Kenya, an East African country famous for its wide landscapes and animals, is ranked fourth as one of the countries in Africa with the most millionaires.
Thanks to stable living circumstances, a booming coffee and tea industry, and a growing agricultural sector, this nation is the richest in Southeast and Central Africa.
Its shoreline has long acted as an important port for merchants from Asia and the Arabian Peninsula, turning it into a regional commercial powerhouse.
Kenya's economy is expanding in a variety of ways despite not being heavily dependent on energy like many of the other nations on our list.
One of the fastest-growing countries in Sub-Saharan Africa in 2019, Kenya's GDP increased by 5.7%.
Nigeria, with its vibrant cultural legacy, diverse ethnicities, natural beauty, and vast population, ranks third place in the list of the top 10 African countries with the most millionaires.
Finance, transportation, infrastructure, tourism, and an abundance of crude oil are all major contributors to the country’s large GDP.
According to the World Bank, Nigeria's GDP grew at a rate of 7% per year between 2000 and 2014, making it one of Africa's fastest-growing economies.
This has fallen to slightly more than 2% in recent years as a result of political turmoil, socioeconomic problems, and disruptions in the energy and production industries.
The government has prioritized protecting its natural resources to reduce its reliance on crude pipelines and processing plants.
This historic nation in Northern Africa once held the distinction of being the wealthiest nation in the entire continent.
The 2011 Arab revolt, on the other hand, severely harmed the economy and caused a collapse in foreign currency assets.
Egypt is presently the second African country with the most millionaire as of 2023.
Economic activity has risen and steadied over the past ten years, leading to strong economic development.
Recently, the government and IMF finished a set of economic reforms targeted at enhancing and bolstering the economy.
From 5.3% in 2018, real GDP growth rose to 5.6% in 2019.
The nation's economy has grown and unemployment has dropped.
The Egyptian economy depends heavily on the export of natural gas and oil as well as on wholesale and retail commerce, real estate, building, and tourism.
With more than half of the state's GDP now coming from service-based jobs, the state's economy has recently moved away from shipments of raw materials.
Taking the top spot on the list of the African countries with the most millionaires in 2023 is South Africa with 37,800 of its citizens being millionaires.
With a GDP of over $320 billion and a highly developed economy, the nation is regarded as one of the fastest-growing in the world.
One of the few nations on this list, South Africa, does not depend solely on one stream of revenue.
The nation's major sectors include mining, industry, financial services, and tourism.
Exports of basic materials and natural resources like gold, diamonds, silver, coal, and iron ore are also common.
These metals, especially gold and platinum, are one of its main exports.
The nation places a high value on tourism as a form of income because it is well-known throughout the globe as a well-liked vacation spot.
However, it has been prevented from reaching its maximum potential because of political and global unrest.
The nation was plunged into recession after four quarters of negative GDP growth, and development fell to just 0.2% in 2019. South Africa also has the highest level of inequality ever.