Nigeria, Egypt, South Africa control over 50% of Africa’s total private wealth

Nigeria has been listed as one of the three nations that hold more than half of all the wealth in Africa, with South Africa taking the top spot.

According to Henley and Partners, the authors of the “Africa Wealth Report 2022,” South Africa ranks first in terms of private wealth with $651 billion, followed by Egypt ($307 billion) and Nigeria ($228 billion).
According to the research, the combined private wealth of the three nations is $1.18 trillion, or 56% of Africa’s $2.1 trillion total wealth.
Morocco and Kenya were in fourth and fifth place, with private wealth totaling $125 billion and $91 billion, respectively.

“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 the 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.