Three nations, led by South Africa, own more than half of the continent's total wealth, according to the Africa Wealth Report 2022.

These three nations are thought to control a combined total of $1.18 trillion in private wealth, with Egypt coming in second and Nigeria third.

According to the research, the amount represents 56% of Africa's $2.1 trillion in overall wealth.

Morocco and Kenya were in fourth and fifth place, with private wealth totaling $125 billion and $91 billion, respectively.

"In terms of the enquiries Henley & Partners received last year, South Africa, Nigeria, and Egypt were among the top 15 nationalities worldwide.

Dominic Volek, group head of private clients at Henley & Partners, stated in the report that South Africa was in fifth place globally with growth of 38% in 2021, Nigeria was in seventh place with growth of 15%, and Egypt was in fourteenth place with growth of 25%.

Ghana, on the other hand, ranked sixth with $59 billion in private wealth.

The report also revealed that the highest wealth in Africa, $2.4 trillion, was recorded in 2012, while 148,000 people became millionaires in 2017, the largest number ever.