Most prominently in South Africa, Egypt, Nigeria, and Morocco, Africa is home to some of the fastest-growing economies, high-net-worth individuals, and wealth hubs.

Southern African countries dominated the continent's growth markets and wealth in 2021, experiencing the fastest growth compared to 2020.

Total private wealth in Africa was $21 trillion between the first quarter of 2021 and the last quarter of 2022. This included 136,000 approximations of millionaires with net assets of at least $1 million each, 6,700 approximations of multi-millionaires with net assets of at least $10 million each, 305 approximations of cent-millionaires with net assets of at least $100 million each, and 18 approximations of billionaires with net assets of at least $1 billion each.

South Africa’s total private wealth stood at $651 billion, with many multi-millionaires, cent-millionaires, and five billionaires. Egypt’s total private wealth stood at $307 billion, with many multi-millionaires, cent-millionaires, and five billionaires.

Nigeria’s total private wealth stood at $228 billion, with many multi-millionaires, cent-millionaires, and three billionaires. Morocco’s total private wealth stood at $125 billion, with many multi-millionaires, cent-millionaires, and two billionaires.

Algeria, Zimbabwe, and Tanzania have one billionaire each with many multi-millionaires and cent-millionaires, while Ghana, Kenya, and many other countries have many multi-millionaires and cent-millionaires. South Africa, Egypt, and Nigeria make up about 56% of Africa’s wealth (wealth of individuals).

As the wealth reports for 2023 are gradually emerging, let’s take a look at the top African countries with the highest number of billionaires.