Banks, wealth managers and luxury businesses that want to serve wealthy clients in Africa need to know where those clients live. If you are researching african countries for high networth customers, here is a guide to the markets that wealth reports consistently highlight, why they stand out and what to keep in mind when approaching them.
African countries for high networth customers: what the data says
The Africa Wealth Report, published by Henley & Partners with New World Wealth, estimated that the continent has well over 100,000 dollar millionaires, with figures around 135,000 reported in recent editions, together with a few hundred multimillionaires and a small number of billionaires. These numbers are estimates and change with exchange rates and asset prices, so check the latest edition. Africa accounts for a small share of global millionaires, but wealth is growing in several markets, and the number of wealthy residents is expected to rise.
The leading markets
South Africa
South Africa has the largest number of high-net-worth individuals in Africa by most counts, with Johannesburg, especially the Sandton district, and Cape Town as the main wealth centres. The country has a developed financial sector, a large stock exchange in Johannesburg and established private banks. Currency volatility and economic challenges affect the sector, and wealth is also held abroad.
Egypt
Egypt’s large population and economy, with Cairo as a financial hub, put it among the leaders by number of wealthy individuals. Wealth often comes from business ownership, real estate and trading. Currency devaluations in recent years have significantly affected dollar valuations.
Nigeria
Nigeria has Africa’s largest population and a sizeable entrepreneur class, with Lagos as a commercial centre. Wealth is concentrated in sectors such as oil and gas, telecommunications, banking and consumer goods. Currency volatility, regulation and the large informal economy affect measurement.
Morocco
Morocco has a growing wealthy class linked to real estate, banking, agribusiness and tourism, with Casablanca as the financial centre and the country working on becoming a financial hub for the region.
Kenya
Nairobi is East Africa’s financial and technology hub, and Kenya’s wealthy are associated with finance, agriculture, telecommunications and technology.
Mauritius and Seychelles
These island economies are known as international financial and wealth-management centres, with favourable tax treatment and investment-residence programmes, and they host private wealth for clients from across Africa and beyond. Rules and reputations have changed with international transparency initiatives, so check the current regulatory status.
Others to watch
Ghana, Tanzania, Ethiopia, Rwanda and Botswana are often mentioned as growing markets, though the number of wealthy individuals is smaller.
Features of African high-net-worth clients
1. Business owners predominate. Many wealthy individuals built their fortunes in companies rather than through salaried careers. 2. International diversification. Many hold assets abroad, in property, offshore accounts or foreign stock markets, partly to hedge currency risk. 3. Family and philanthropy. Extended family obligations and giving are strong features in many cultures. 4. Mobile and digital banking. Mobile money has changed how people manage cash in several countries.
What providers need to consider
- Regulation and compliance. Anti-money-laundering rules, exchange controls and tax reporting vary widely. Cross-border services need strong compliance.
- Currency risk. Volatile exchange rates affect pricing and returns.
- Trust and relationships. Personal referrals and long-term relationships matter.
- Local partnerships. Working with local banks, lawyers and advisers is usually essential.
- Data quality. Wealth is often undercounted because of informal business.
Risks and cautions
Reports differ in methodology, so numbers should be compared carefully. Economic and political conditions can change quickly, and sanctions or regulatory lists may apply in some jurisdictions. Anyone planning to offer financial services should take advice on licensing and compliance in each country.
How to cite figures
A sensible line is: “According to the Africa Wealth Report by Henley & Partners and New World Wealth, Africa had about 135,000 dollar millionaires in the most recent edition cited.” Use the edition and year.
Where to find more
- The Africa Wealth Report from Henley & Partners and New World Wealth.
- Private wealth reports from banks such as UBS and Knight Frank.
- Central banks and national statistics offices.
In summary
For african countries for high networth customers, the leading markets are South Africa, Egypt, Nigeria, Morocco, Kenya and the island centres of Mauritius and Seychelles, according to wealth reports. Check the latest report, understand local regulation and currency risk and build local partnerships.
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Image credit: Frankbel via Wikimedia Commons (CC BY-SA 4.0).
