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South Africa, the continent’s most industrialised economy, is home to over 328 centi-millionaires (classified as those who hold investable wealth worth US$100 million or more), accounting for at least 30 percent of Africa’s high-net-worth individuals (HNWI).

This is according to the eighth edition of the Africa Wealth Report put together by research organisation Henley & Partners together with New World Wealth.

The 2023 report, released on Tuesday, revealed that despite battling a tough decade, South Africa remains home to most of the continent’s wealthy population, with the country reportedly home to “over twice as many HNWIs as any other African country”, leading the pack of Africa’s ‘Big 5’ wealth markets which account for 56 percent of the continent’s HNWIs. South Africa’s peers in this segment include Egypt, Nigeria, Kenya and Morocco.

There are currently 138 000 HNWIs on the African continent. While $2.4 trillion of investable wealth is available.

“Egypt takes the prize for the most billionaires, and Mauritius boasts by far the highest wealth per capita (average wealth per person) in Africa, at US$37 500, followed by South Africa at US$10 880 and Namibia at US$10 050,” the report found.

Africa’s investable wealth is expected to grow by 42 percent over the next decade.

“For our purposes ‘wealth’ refers to an individual’s net investable assets (including property, cash, and listed company holdings). Africa is home to some of the world’s fastest-growing markets, including the likes of Rwanda and Mauritius,” head of research at New World Wealth  Andrew Amoils said.

South Africa is also home to four of the top 10 wealthiest cities on the continent, with Johannesburg taking the cake with the most millionaires in Africa boasting a population of 14 600. Cape Town came in third with 7 200 HNWIs, while Durban and Pretoria came in sixth and eighth place with 3 600 and 2 400 HNWIs respectively. –  Moneyweb