The continent of Africa contains more than 50 countries, but just five account for more than half of total wealth on the continent: South Africa, Egypt, Nigeria, Morocco, and Kenya.
Despite recent setbacks in Africa’s largest economies, wealth creation has been strong in a number of areas, and total private wealth is now estimated to be US$2.1 trillion. There also an estimated 21 billionaires in Africa today.
Drawing from the latest Africa Wealth Report, here’s a look at where all that wealth is concentrated around the continent.
South Africa is a still a major stronghold of wealth in Africa, with a robust luxury real estate market and ample wealth management services. The country is also ranked second on the continent in per capita wealth. That said, the country has faced challenges in recent years.
An estimated 4,500 high net worth individuals (wealth of US$1 million or more) have left South Africa over the past decade, migrating to places like the UK, Australia, and the United States. In one stark data point, the report points out that “there are 15 South African born billionaires in the world, but only 5 of them still live in South Africa.”