(Ecofin Agency) - Between 2012 and 2022, the number of African high-net-worth individuals declined, largely due to poor performance in South Africa, Egypt, and Nigeria. However, it is expected to increase by 42 percent between 2023 and 2032.

South Africa, Egypt, Nigeria, Kenya, and Morocco together account for 56% of the millionaires on the African continent. They also account for more than 90% of the billionaires on the continent, according to the Africa Wealth Report 2023, published on Tuesday 28 March by British firm Henley & Partners.

With 37,800 people worth about $1 million, South Africa has the highest number of dollar millionaires on the continent, ahead of Egypt (16,100), Nigeria (9,800), Kenya (7,700), and Morocco (5,800).

In terms of billionaires, Egypt ranks first with 8 individuals worth $1 billion or more. It is followed by South Africa (5), Nigeria (4), and Morocco (4). Henley & Partners did not find any billionaires in Kenya, but there are 15 centimillionaires (wealthy individuals worth $100 million or more).

The report also found that Africa has a total of 138,000 millionaires, 328 centimillionaires, and 23 billionaires.

Continentally, the total number of high-net-worth individuals (HNWI) has declined by 12% over the last decade (2012 to 2022), largely due to the declining performance of the three largest markets (South Africa, Egypt, and Nigeria).

With a 72% growth in its HNWI "population," Rwanda was the best-performing market in Africa between 2012 and 2022, followed by Mauritius, Seychelles, Uganda, and the Democratic Republic of Congo.

Henley & Partners further expects the high net worth population on the continent to grow by 42 percent over the next 10 years, to about 195,000, by 2032.

Mauritius is expected to be the best-performing market over the next decade, with 75% growth in the number of its HNWIs.

An over 60% growth in the number of HNWIs is also expected in Namibia, Rwanda, Zambia, Seychelles, the Democratic Republic of Congo, and Morocco.