Over time, African countries have been known to have the highest number of millionaires. The value of wealth is measured based on assets, such as cash, properties, and business interests owned by individuals living in each country, and all these exclude government funds.
Based on records, Africa’s private sector has a total sum of $2.1 trillion, which is increasing daily, and this rate is focusing on majorly the African countries with the highest number of millionaires. The Top 10 countries with the highest number of millionaires in Africa include:
1. South Africa: This African country has a total private wealth of $651 billion and has been classified as having up to 393,000 high net-worth individuals with a net worth of more than $1 million, up to 2,080 multimillionaires, 94 centimillionaires, and 5 billionaires.
2. Egypt: This country has approximately 16,900 high-net-worth individuals with a net worth exceeding $1 million. It has also been recorded that in this country, there are a total of 880 multimillionaires, 57 centimillionaires, and 7 billionaires. Meanwhile, the total private wealth in the country is registered at $307 billion.
3. Nigeria: The total private wealth in this country is $228 billion, and it has also been recorded that there are some 10,000 high-net-worth individuals who have net worth of over $1 million. The total number of multimillionaires in this country stands at 510, including 28 centimillionaires and 4 billionaires.
4. Morocco: There are up to 5,000 high net worth individuals in Morocco, with 220 multimillionaires, 22 centimillionaires, and 3 billionaires. Also, the total private wealth registered in the country is $125 billion.
5. Kenya: The total private wealth in this country is $91 billion and it has also been recorded that there are some 8,500 high-net-worth individuals who have net worth of over $1 million. The total number of multimillionaires in this country stands at 340 and 15 centimillionaires.
6. Mauritius: There are over 4,800 high net worth individuals in this country, with net worth exceeding $1 million. The total number of multimillionaires in this country stands at 210 and 6 centimillionaires. It is likewise important to know that the total private wealth in the country is $44 billion.
7. Morocco: This African country has a total private wealth of $125 billion and has been classified as having up to 5,000 high net-worth individuals with a net worth of more than $1 million; up to 220 multimillionaires; 22 centimillionaires; and 3 billionaires.
8. Ethiopia: The highest net worth individuals in this country are 2,900, who have net worths of over $1 million, 140 millionaires, 4 centimillionaires, and no billionaires. Meanwhile, the total private wealth in the country is $52 billion.
9. Angola: The total private wealth in this country is $53 billion and it has also been recorded that there are some 2,400 high-net-worth individuals who have net worths of over $1 million. The total number of multimillionaires in this country stands at 110, including 3 centimillionaires and 1 billionaire.
10. Tanzania: The number of net-worth individuals in this country is 2,400, who have net worths of over $1 million, 80 millionaires, 8 centimillionaires, and 1 billionaire.
Meanwhile, the total private wealth in the country is $56 billion.
Based on records, the total private wealth currently owned by African countries is about $2.1 trillion dollars, which rises by a high percentage yearly.