Black Affairs, Africa and Development
Africa’s millionaire explosion: The 16 countries where the ultra-wealthy are booming
Africa’s wealthy elite is expanding at a dramatic pace. In fact, according to a report by New World Wealth, the number of African millionaires has risen at twice the pace of the rest of the world in the last 15 years.
Though huge parts of Africa remain locked in extreme poverty, it’s impossible to miss the emergence of ultra-wealthy individuals.
Here we’ve included the nations where the number of HNWI (high net worth individuals) has risen by more than 100% in the 15 years between 2000 and 2014. New World Wealth defines HNWIs as people with net assets of $1 million (£645,000) or more.
Overall in Africa, the number of HNWIs has risen by 145% over the period, while the world in general has seen an increase of 73%.
16. Uganda — a 116% increase in HNW individuals between 2000 and 2014 just sneaks Uganda onto the list, with 1,300 millionaires in the country now.
15. Morocco — The fifth largest African economy (and the second in north Africa) now has 4,800 millionaires, a rise of 118% since 2000.
14. Tanzania — the second-largest economy in the East African Community, Tanzania now has 2,200 millionaires, up 120% from the turn of the millennium.
13. Kenya — a 124% increase in the number of millionaires since 2000 has left this east African economy with more than 8,000 HNW individuals.
12. South Africa — this country has by far the largest number of HNW individuals, and a 135% increase in the last 15 years has pushed the figure to 46,800.
11. Mozambique — this Indian Ocean-facing nation has seen a 150% increase in HNWIs, just above the African average, and now has 1,000 millionaires.
10. Ivory Coast — a 156% climb in the number of millionaires brought this west African state’s numbers into four-figure territory, up to 2,300.
9. Botswana — this major diamond exporter has seen the number of millionaire residents rise by 160% since 2000, climbing to 2,600.
8. Algeria — this north African state now has 4,700 HNW individuals, up from 1,800 in 2000, an increase of 161%.
7. Mauritius — this island nation has a particularly strong tourism sector, and the country has seen a 167% boom in the number of millionaires since 2000.
6. Namibia — Despite having a population of fewer than 3 million people, Namibia hosts 3,100 HNW individuals, a 244% rise on 15 years ago.
5. Ethiopia — no east African economy has seen a bigger climb in the ultra-wealthy than Ethiopia, where the numbers have risen 250% to 2,800 since 2000.
4. Nigeria — In Africa's largest state both by population and the size of the economy, the number of HNW individuals has more than quadrupled to 15,400, a 305% increase since 2000.
3. Zambia — This copper-rich state, home to Victoria Falls, has seen its number of HNW individuals rise by 400% to 1,000.
2. Ghana — this west African state's economy thrived during the commodity boom, and the number of HNW individuals has grown by 440% since 2000 to 2,700.
1. Angola — one of the most mineral and oil-rich countries in the world, Angola now has a booming class of ultra-rich people, with a 482% rise in HNW numbers since 2000.