The number of wealthy people in Africa is increasing. However, the Henley and Partners report notes that the majority of these people are leaving the continent.
“According to our latest statistics, approximately 18,700 wealthy people have left Africa in the past 10 years (2013-2023). There are currently 54 African-born billionaires in the world; Among them is Elon Musk, one of the world's richest people, but only 21 of them still live on the African continent, most of them British, American, Australian and Arab. They emigrated to the United Emirates.Significant numbers also emigrated to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel. Andrew Amoyles, head of research at New World Wealth, said:
As was the case in Kenya recently, factors such as inflation, currency depreciation and government policies are contributing to the decline in the number of wealthy people on the continent.
The report notes that despite the difficult times of the past decade, the number of billionaires has decreased by 20%. However, the next decade is certain to see a significant increase in the number of HNIs in some parts of the continent.
According to the report, these countries are Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda and Rwanda. These countries are expected to increase the number of millionaires by about 80% or more.
“Over the next 10 years (by 2033), the number of billionaires is expected to increase by more than 80% in Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, Rwanda, etc.” With this in place, Mauritius is projected to experience an impressive growth rate of 95%, positioning it as one of the fastest growing asset markets in the world.” The report states:
