Millionaires are leaving South Africa

The Africa Wealth Report 2023 revealed that the number of millionaires in South Africa declined by 21% over the last decade.

The Africa Wealth Report is the definitive guide to Africa’s wealth and luxury sector, published annually by Henley & Partners.

The report comprehensively reviews private wealth in Africa, including high-net-worth-individual, luxury, and wealth management trends.

It also provides insights into investing in Africa, the investment migration sector, and economic mobility on the continent.

South Africa tops the list of wealthiest countries in Africa in terms of resident high-net-worth individuals by a significant margin.

South Africa’s high number of centi-millionaires – people with a net wealth higher than $100 million – is particularly notable.

Centi-millionaires are typically the founders of large multinational companies, making their presence in a country particularly valuable for creating employment.

While South Africa’s lead over its African peers is notable, the millionaire growth in the country is cause for concern.

Between 2012 and 2022, the number of South African millionaires declined from 47,800 to 37,800 – a 21% decline.

The decline was a result of poor economic growth and high-net-worth individuals leaving the country.

Mauritius had the highest growth in millionaires over the last decade at 69%, followed by Kenya and Morocco.

Mauritius’ high ranking is also impressive, considering its small size and population.

The table below shows the Top 10 wealthiest countries in Africa.