The Africa Wealth Report 2022, recently released by New World Wealth and Henley & Partners, stated that Kenya has over 8,500 dollar millionaires.
These wealthy individuals from Kenya and other African countries are said to have exploited new wealth economies, development of megacities, diversification of wealth-creating sources, the rise of frontier economies and wealth investment opportunities.
Kenya was ranked fourth behind Nigeria with 10,000, Egypt with 16,900 and South Africa at the top with 39,300 dollar millionaires.
According to the report, dollar millionaires have a net worth of over Ksh115.7 million (USD1 million).
The report further ranked Kenya fifth in Africa’s Big 5 private wealth markets.
South Africa, Egypt, Nigeria, Morocco, and Kenya were reported to account for over 50 per cent of the continent’s total wealth.
“There are currently 136,000 high-net-worth individuals (HNWIs) with private wealth of Ksh115.7 million (USD1 million) or more living in Africa, along with 305 centi-millionaires with Ksh11 billion (USD100 million) or more, and 21 US dollar billionaires.
“South Africa is home to over twice as many high-net-worth individuals as any other African country, while Egypt now has the most billionaires,” the report stated.
It further noted that Africa is home to some of the world’s fastest-growing markets, including Rwanda, Uganda, and Mauritius.
“We forecast private wealth growth of over 60 per cent in all three countries in the next decade, driven by especially strong performance in the technology and professional services sectors.”
Mauritius was reported to have the highest wealth per capita in Africa, at USD34,500 (Ksh3.9 million) followed by South Africa at USD10,970 (Ksh1.2 million) and Namibia at USD9,320 (Ksh1 million).
“Mauritius is the fastest-growing wealth market in Africa, with projected growth of 80 per cent over the next decade. This will also make it one of the fastest-growing high-income markets in the world, together with Australia, Malta, New Zealand, and Switzerland.
“Africa’s two wealthiest cities are in South Africa - Johannesburg is the wealthiest, and is followed by Cape Town. Cairo follows closely and Lagos is in 4th position,” the report added.
The Africa Wealth Report is the continent’s annual benchmark for private wealth research, providing a comprehensive review of the wealth sector in Africa, including trends among high-net-worth individuals, the luxury market, and wealth management.
