Over the past decade, 18,700 African millionaires have left the continent in search of better opportunities, according to a report released on April 16 by Henley & Partners, a British firm specializing in investment migration advice, in collaboration with New World Wealth research firm.

Titled "The Africa Wealth Report 2024," the report indicates an 8% decline in the number of High Net Worth Individuals (HNWIs) in Africa during 2023, bringing the total to 135,200 individuals with assets worth at least one million dollars. The collective wealth of these individuals is estimated at $2.5 trillion.

The continent is also home to 342 centi-millionaires (individuals with assets valued at $100 million or more) and 21 billionaires. Dominic Volek, Head of Private Clients at Henley & Partners explains that many individuals amass wealth in Africa and then relocate to other countries in pursuit of a better quality of life, superior education for their children, and improved access to healthcare. "There are currently 54 African born billionaires in the world, including one of the world’s richest, Elon Musk, but only 21 of them still live on the continent. Most of these individuals have relocated to the UK, the USA, Australia, and the UAE. Significant numbers have also moved to France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel," notes Andrew Amoils, Head of Research at New World Wealth.

Furthermore, the report reveals that just five African countries dubbed the "Big Five," account for 56% of the continent's millionaires and 90% of its billionaires. These countries are South Africa, Egypt, Nigeria, Kenya, and Morocco. Despite a challenging decade marked by a 20% decline in its millionaire population, South Africa remains the country with the highest number of HNWIs in Africa, boasting 37,400 millionaires, 102 centi-millionaires, and 5 billionaires. Egypt follows with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires. Nigeria ranks third with 8,200 HNWIs, followed by Kenya (7,200 millionaires), Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ethiopia (2,700), Ghana (2,700), and Namibia (2,300).

According to the report, the number of African millionaires is expected to increase by 65% over the next decade. This growth will be primarily driven by Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda, which are all projected to experience growth of over 80% in their affluent populations. " Mauritius, with its stable governance and favorable tax regime, is projected to experience a remarkable 95% growth rate, positioning it as one of the world’s fastest-growing wealth markets," highlights Henley & Partners.