The total private wealth currently held on the African continent is $2.1trn and is expected to rise by 38% over the next 10 years, according to the latest 2022 Africa Wealth Report, published by Henley & Partners.

The report reveals that Africa’s ‘Big 5’ private wealth markets - South Africa, Egypt, Nigeria, Morocco, and Kenya - together account for over 50% of the continent’s total wealth.

There are currently 136,000 high-net-worth individuals (HNWIs) with private wealth of $1m or more living in Africa, along with 305 centi-millionaires worth $100m or more, and 21 US dollar billionaires.

Despite a tough past decade, South Africa is still home to over twice as many HNWIs as any other African country, while Egypt now has the most billionaires. Mauritius has the highest wealth per capita (average wealth per person) in Africa, at $34,500, followed by South Africa at $10,970 and Namibia at $9,320.

Dominic Volek, head of private clients at Henley & Partners, said that there are already several well-established wealth hubs on the continent, including South Africa, Egypt, and Morocco, which host sizable HNWI populations. He added: “Strong growth in private wealth of over 50% is also predicted in Kenya, Morocco, Mozambique, and Zambia over the next 10 years.”