Least Number Of Millionaires Are In Africa – But Here’s Where To Find The Continent’s Wealthiest People

By  |  October 31, 2019

The multinational investment company, Credit Suisse, has just released the 2019 Global Wealth Databook which is basically the “Map of the World for Millionaires.”

The Global Wealth Databook keeps tabs on the millionaire population in various parts of the globe and according to the latest data, North America plays host to the highest number of millionaires in the world.

As a matter of fact, with some 18.6 millionaires residing in the country, the United States is the country with the highest number of millionaires in the world.

On the other hand, Africa was found to be the continent with the least millionaires — 171,000. 

Oddly, Latin America, India and Africa all account for only 3 percent of the total number of high-net-worth individuals (HNWIs) for mid-2019.

The State Of FinTech In Africa – 2020

 image

The highest number of wealthy people in Africa can be found in South Africa which has 46,000 millionaires while other African countries have less than a thousand millionaires.

Below is a breakdown of the total wealth (USD Bn) in the following African countries:

  • Egypt — 898
  • South Africa — 770
  • Nigeria — 443
  • Morroco — 305
  • Kenya — 249
  • Ethiopia — 163
  • Tunisia — 112
  • Tanzania — 82
  • Ghana — 66

Featured Image Courtesy: iStock

Journalism is broken in Africa


Help us build a narrative on African Business, Startups, Tech and Economy
Join us today to empower great story telling, one story at a time

Monthly Membership

Get Access to 20+ well researched and insightful African business stories monthly & unlimited access to Free-reads.

$6

$10

(introductory offer)

Subscribe Now

Quarterly Membership

3-months access to 60+ new stories with 3-months worth of archives & unlimited access to Free-reads.

$15

$18

(introductory offer)

Subscribe Now

If you are a Corporate or a Student, please reach out to us for subscription at [email protected]