Africa’s Millionaire Explosion: The 16 Countries With Ultra-Wealthy 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.

REUTERS/Euan Denholm

Fans painted in the colours of Uganda’s national flag cheer before the start of the African Nations Cup Group Three qualifier soccer match between Uganda and Nigeria in Kampala June 2, 2007.

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.

REUTERS/Andrew Emmanuel

A general picture shows the skyline of Tanzania’s port cty of Dar es Salaam, July 12, 2013.

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.


An aerial view of Kenya’s capital city Nairobi on July 13, 2001.

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.

REUTERS/Mike Hutchings

A long exposure picture shows a seasonal fog illuminated by the lights of Cape Town harbour as the city prepares for the start of the southern hemisphere winter, May 8, 2012.

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.

REUTERS/Mike Hutchings

Fishermen cast their nets beneath the skyline of Mozambique’s capital Maputo in this file picture taken November 2009.

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.

Luc Gnago/Reuters

Gold prospectors are seen at a gold mine near the village of Gamina, in western Ivory Coast, March 16, 2015.

9. Botswana — this major diamond exporter has seen the number of millionaire residents rise by 160% since 2000, climbing to 2,600.

REUTERS/Mike Blake

Botswana’s Olympic team follow their national flag-bearer Samantha Paxinos during the opening ceremony of the Beijing 2008 Olympic Games at the National Stadium, August 8, 2008.

8. Algeria — this north African state now has 4,700 HNW individuals, up from 1,800 in 2000, an increase of 161%.

REUTERS/Amr Abdallah Dalsh

Algiers is seen in this aerial view February 22, 2015.

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.

REUTERS/Jacky Naegelen

View of the Commercial Bank of Mauritius office (L) in Port Louis on the Indian Ocean island Mauritius, August 5, 2015. The Mauritius Commercial Bank, founded in 1838, is a leading banking institution of Mauritius.

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.

REUTERS/Afolabi Sotunde

Namibia’s President Hage Geingob receives guard of honour upon arrival at the airport in Abuja, Nigeria May 28, 2015.

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.

Barry Malone/Reuters

Ethiopian farmers collect wheat in their field in Abay, north of Ethiopia’s capital Addis Ababa, on Oct. 21, 2009. For centuries, farmers have eked out a living in Ethiopia’s central lowlands, tending tiny plots of maize, wheat or barley.

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.

REUTERS/Akintunde Akinleye

3. Zambia — This copper-rich state, home to Victoria Falls, has seen its number of HNW individuals rise by 400% to 1,000.

Vadim Petrakov/Shutterstock

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.

Military personnel take part in a parade during a ceremony marking the 57th anniversary of Ghana’s independence at the Independence Square in central Accra March 6, 2014.

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.

REUTERS/Saul Loeb/Pool



This article was published on BUSINESS INSIDER UK and the author of the article is Mike Bird

Mike is a European markets editor, working from London and covering financial and economic issues. He previously worked for City A.M, a free London business newspaper, covering economics.

Note: Here, we have re-published it only to share the news of African economic growth.

Recent Posts