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10 African Countries With The Highest Number of Dollar Millionaires in 2022

We’ve compiled a list of the top 10 African countries with the highest number of dollar millionaires in 2022 as provided by Business Insider Africa.

On the other hand, the 2022 Africa Wealth Report which was recently published in partnership with New World Wealth, offers some extremely intriguing numbers.

First, the private sector in Africa now holds a total of $2.1 trillion and by 2032, the number is predicted to increase by 38%.

The fact that 50% of Africa’s wealth is currently concentrated in only five nations is another noteworthy finding from the research.

This report by Business Insider Africa goes to show that there are approximately 6,700 multimillionaires on the continent, each with a net worth of at least $10 million.

Here are the list of the African countries with the highest number of dollar millionaires in 2022

  • South Africa
  • Egypt
  • Nigeria
  • Kenya
  • Morocco
  • Mauritius
  • Ethiopia
  • Ghana
  • Tanzania
  • Angola

1. South Africa

South Africa ranks first on the list of the African countries with the highest number of dollar millionaires in 2022

In South Africa, there are about 39,3000 high-net-worth individuals with fortunes exceeding $1 million.

There are 2,080 multimillionaires in the nation, including 94 cent millionaires and 5 billionaires. The nation’s stunning total private wealth, the highest in Africa, is estimated to be $651 billion.

Also read: Top 10 Richest Men in Africa

2. Egypt

In Egypt, there are over 16,900 high-net-worth individuals with fortunes exceeding $1 million.

There are currently 880 multimillionaires in this nation, including 57 cent millionaires and 7 billionaires. The nation’s $307 billion in private wealth is now recorded.

This makes the North Africa country rank second on the list of African countries with the highest number of dollar millionaires in 2022

3. Nigeria

Third on the list of African countries with the highest number of dollar millionaires in 2022 is Nigeria.

There are around 10,000 high-net-worth individuals with a net worth over $1 million in Nigeria.

There are 510 multimillionaires in this nation, including 28 cent millionaires and 4 billionaires. The nation’s private wealth is currently estimated to be around $228 billion.

4. Kenya

There are approximately 8,500 high net worth individuals with a net worth of $1 million or more.

There are 340 millionaires in total in this nation, with 15 cent millionaires and 0 billionaires. The nation’s entire private wealth is currently estimated to be $91 billion.

5. Morocco

There are around 5,000 people in Morocco with net worth of $1 million or more. There are 220 multimillionaires in this nation, including 22 centimillionaires and 3 billionaires. The nation’s private wealth is currently estimated to be worth $125 billion.

6. Mauritius

About 4,800 high-net-worth individuals in Mauritius have annual incomes of over $1 million.

There are 210 millionaires in total in this nation, with six cent millionaires and zero billionaires. Currently, the nation’s total private wealth is $44 billion.

7. Ethiopia

Around 2,900 high net worth people in Ghana have annual incomes of at least $1 million. There are 140 millionaires in total in this nation, with 4 cent millionaires and 0 billionaires. As at now, the nation’s total private wealth is $52 billion.

8. Ghana

There are over 2,900 high net worth people in Ghana with personal fortunes above $1 million. There are 120 millionaires in total in this nation, with 4 cent millionaires and 0 billionaires. The nation’s entire private wealth is currently estimated to be $59 billion.

9. Tanzania

There are over 2,400 high net worth persons with personal fortunes above $1 million in Tanzania. This nation has 80 multimillionaires in total, including 8 cent millionaires and 1 billionaire. The nation’s total private wealth is $56 billion.

10. Angola

There are 2,400 high net worth persons with personal fortunes above $1 million in Angola. 110 people in this country are multimillionaires, including 3 cent millionaires and 1 billionaire. At the moment, the nation’s total private wealth is $53 billion.

Also read: 10 African Countries with The Highest Export Revenue


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