The number of millionaires is expected to increase by 65% over the next 10 years on the continent. Johannesburg remains the richest city in Africa, with 12,300 millionaires, 25 centimillionaires, and 2 billionaires.
Mauritius, Namibia, Zambia, Uganda, and Rwanda will see their rate of millionaires increase... by more than 80%. Mauritius, in particular, in the Indian Ocean, will experience the strongest increase, with more than 95% additional millionaires in 10 years. Around 18,700 wealthy individuals have left Africa over the last decade, according to figures from New World Wealth, a South African wealth intelligence firm that co-published the report. The majority of these very wealthy people live in the five states of South Africa, Egypt, Nigeria, Kenya, and Morocco, with 56% of the continent's millionaires and more than 90% of its billionaires in these countries. The authors of the report, of which 2024 marks the 9th edition, make another observation: if these African millionaires are more and more numerous, a large part of them are leaving the continent to live in other regions.