In Africa, centi-millionaires are individuals with a net worth of at least $100 million. Their wealth shows personal success and significantly contributes to economic growth, innovation, and social mobility within their countries. As catalysts of change, these affluent individuals help shape the future, promoting an environment ripe for entrepreneurship and prosperity.
The insights presented here are drawn from the latest report by Henley and Partners, highlighting the African countries with the highest number of centi-millionaires in 2024.
South Africa
South Africa stands at the forefront with 102 centi-millionaires, making it the continent’s leader in high-net-worth individuals. The nation’s robust financial and legal frameworks provide a fertile ground for wealth creation, attracting entrepreneurs and investors alike.
Egypt
Egypt ranks second with 52 centi-millionaires, demonstrating its economic resilience and the growing prosperity of its private sector. These individuals are instrumental in fostering innovation across various industries, including technology and real estate.
Morocco
With 32 centi-millionaires, Morocco serves as a gateway to Africa’s elite. The country’s strategic location and progressive business policies have cultivated a favorable environment for wealth accumulation and investment.
Nigeria
Nigeria’s vibrant economy supports 23 centi-millionaires. Despite challenges, Nigeria’s rich natural resources and entrepreneurial spirit continue to drive its status as a significant hub for wealth in Africa.
Kenya
Kenya is home to 16 centi-millionaires. The country’s innovative approach to technology and finance, particularly in mobile banking, has played a critical role in nurturing its wealthy individuals.
Mauritius
Mauritius, with 15 centi-millionaires, showcases the impact of sound economic policies and international investment. The island’s appeal as a tax-friendly destination enhances its attractiveness to high-net-worth individuals.
Algeria
Algeria emerges on this list with 8 centi-millionaires, reflecting its growing economic sectors outside oil and gas. The diversification of its economy is slowly building a richer private sector.
Ghana
Ghana’s stable political environment and growing economy support its 6 centi-millionaires. Investments in sectors like energy and technology are propelling wealth creation here.
Ethiopia
Despite economic challenges, Ethiopia has managed to cultivate a group of 4 centi-millionaires, underscoring the potential for growth and resilience in even the most trying conditions.
Namibia
Namibia rounds out the list with 3 centi-millionaires. The country’s mining sector and prudent economic policies have paved the way for significant private wealth.