African countries projected to gain the most rich people

An aerial shot taken in April 2020 shows people waiting while adhering to social distancing in a parking lot before entering a supermarket in Grand Baie, Mauritius; the country has declared wary victory over the coronavirus ©provided by Business Insider Africa

Africa, long known for its rich cultural legacy and various landscapes, is now emerging as a hub of wealth generation and economic progress. One of the most notable developments of recent years has been the fast increase in the number of High Net Worth Individuals (HNWIs) throughout the continent. The increasing number of High Net Worth Individuals in Africa is indicative of the continent’s economic vitality, resilience, and unrealized potential.

・Africa’s HNWIs surge is expected within the next decade.

・Currently, a huge number of HNWI are leaving the continent.

・Economic factors are a reason for this migration.

The number of High Net Worth Individuals in Africa is on the rise. However, a report by Henley and Partners notes that a large chunk of these people are leaving the continent.

“According to our latest figures, approximately 18,700 high-net-worth individuals have left Africa over the past decade (2013 to 2023). There are currently 54 African-born billionaires in the world, including one of the world’s richest, Elon Musk, but only 21 of them still live on the continent. Most of these individuals have relocated to the UK, the USA, Australia, and the UAE. Significant numbers have also moved to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel,” Andrew Amoils, the Head of Research at New World Wealth, stated.

Factors such as inflation, currency depreciation, and government policies are contributing to the reduction of the number of wealthy people on the continent as was the case with Kenya recently.

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The report notes that regardless of the difficult last ten years it witnessed a 20% drop in the number of millionaires there. However, there is the promise that over the next decade, some regions on the continent will witness a significant surge in the number of HNI.

According to the report these countries are Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda. These countries are projected to get around 80%+ millionaire growth.

“Going forward, over the next decade (to 2033), the likes of Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are all expected to experience 80%+ millionaire growth. Mauritius, with its stable governance and favorable tax regime, is projected to experience a remarkable 95% growth rate, positioning it as one of the world’s fastest-growing wealth markets,” the report reads.