The Africa Wealth Report 2022 has shown that three countries control more than half of the continent’s total wealth, with South Africa leading the table.
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.