“In recent years, Africa has witnessed a surge in its billionaire population, yet concurrently experienced an exodus of millionaires. Over the past decade, nearly 20,000 ultra-wealthy individuals have either emigrated or suffered substantial wealth erosion due to currency devaluations.
According to the 2024 Africa Wealth Report, 18,700 high-net-worth individuals have departed the continent between 2013 and 2023. Presently, there are 54 African-born billionaires globally, among them the renowned entrepreneur Elon Musk.
The preferred destinations for these affluent individuals include the UK, the USA, Australia, and the UAE. The report highlights that Africa currently hosts 135,200 individuals with liquid investable wealth exceeding USD 1 million, along with 342 centi-millionaires and 21 billionaires.
The ‘Big 5’ wealth markets of South Africa, Egypt, Nigeria, Kenya, and Morocco collectively harbor 56% of Africa’s millionaires and over 90% of its billionaires.
Andrew Amoils, Head of Research at New World Wealth, emphasizes the impact of migration on Africa’s wealth, citing the departure of approximately 18,700 high-net-worth individuals over the past decade.
While Africa boasts 54 billionaires globally, only 21 remain on the continent, indicating a decline from the previous year’s count of 23. The majority have resettled in key global hubs such as the UK, the USA, Australia, and the UAE, with some opting for France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.
Dominic Volek, Group Head of Private Clients at Henley & Partners, attributes Africa’s wealth erosion to currency devaluation and underperforming stock markets. The South African rand, for instance, depreciated by 43% against the US dollar from 2013 to 2023, with similar trends observed in other African currencies.
Beyond economic factors, regulatory challenges, inadequate infrastructure, security issues, and taxation policies are cited as additional reasons prompting the departure of African billionaires from the continent.” (BUSINESS INSIDER: Text, Excluding Headline)