Henley & Partners' 2024 Africa Wealth Report has it that, Africa is home to 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth surpassing USD 1 million.

Additionally, there are 342 centi-millionaires with assets valued at USD 100 million or more, and 21 billionaires.

The report highlights Africa’s top wealth markets, known as the ‘Big 5’ — South Africa, Egypt, Nigeria, Kenya, and Morocco — which collectively account for 56% of the continent's millionaires and over 90% of its billionaires.

At the city level, Johannesburg remains Africa’s wealthiest city, boasting 12,300 millionaires, 25 centi-millionaires, and 2 billionaires.

Cape Town closely follows with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire. Other notable urban wealth hubs include Cairo (7,200 millionaires), Nairobi (4,400), and Lagos (4,200).

Looking ahead, Andrew Amoils, head of research at New World Wealth, identifies several cities and regions expected to attract a significant influx of millionaires over the next decade.

These include Cape Town, South Africa’s Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier, and Marrakech, all projected to experience a growth of over 85% in millionaire population.