Not all Africans are poor — this could arguably be the main message from the 2023 edition of the annual Africa Wealth Report by London-based Henley & Partners that reveals that the ‘Big 5’ wealth markets in Africa — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for a significant 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires. The report, which provides a comprehensive review of private wealth in Africa, thus confirms the validity of the counter-cliché that “Africa is not poor but impoverished”. Four of Africa’s Top 10 wealthiest cities are in South Africa — Johannesburg, with the most millionaires in Africa, Cape Town, Durban and Pretoria. The total private wealth currently held on the African continent is $2.4 trillion and its millionaire population is expected to rise by 42% over the next 10 years, says the Africa Wealth Report. Ultimately, it also points out that private wealth in Africa is constantly evolving, with persistent growth prospects, though not everyone by far is so lucky.

Source: The North Africa Journal April 27, 2023 13:56 UTC