Followed by Egypt and Nigeria, these three countries are said to command $651 billion, $307 billion, and $228 billion respectively in private wealth, totalling $1.18 trillion.

The figure translates into 56% of Africa’s $2.1 trillion total wealth, the report stated.

In the 4th and 5th positions respectively with total private wealth worth of $125 billion and $91 billion were Morocco and Kenya.

“From a global perspective, South Africa, Nigeria, and Egypt were among the top 15 nationalities in terms of the inquiries Henley & Partners received last year. South Africa was in 5th place globally, with growth of 38% in 2021, Nigeria in 7th place with growth of 15% and Egypt in 14th place with growth of 25%,” Dominic Volek, group head of private clients at Henley & Partners said in the report.

Ghana however came in at number 6, with $59 billion in private wealth.

Also, the study showed that in Africa, the highest wealth was recorded in 2012 at $2.4 trillion while 2017 had the highest number of dollar millionaires at 148,000.