LIST: The 10 African Countries With the Highest Population of Millionaires

Many African countries are still struggling with poverty while some have the figure of their millionaires keep increasing on a daily basis.  The face of poverty is complex and changes over time; however, the most common aspect is the lack of access to basic human needs which some African nations on the other take much into consideration to better the lives of their fellow countrymen.

Below is a compiled list of countries in Africa with the highest population of rich people who have hit the million mark.

10. Algeria– 4,100 Millionaires

With a socialist-leaning government and a population of 38.8 million, Algeria has produced 4,100 millionaires, according to a report by AfrAsia Bank and New World Wealth. Hydrocarbons have long been the backbone of the economy, accounting for roughly 60 percent of budget revenues, 30 percent of GDP, and over 95 percent of export earnings. Algeria has the 10th-largest reserves of natural gas in the world and is the sixth-largest gas exporter.

9. Morocco- 4,900 Millionaires

Morocco boasts a stable economy marked by steady growth, low inflation and gradually falling unemployment. The North African country has 4,900 millionaires out of a population of 33 million, according to the New World Wealth report. Key sectors of the economy include agriculture, tourism, phosphates, textiles, apparel and subcomponents.

8. Libya– 5,400 Millionaires

New World Wealth reported that about 5,400 of Libya’s 6.2 million people are millionaires, making the country the continent’s eighth largest producer of high wealth individuals.

The economy is structured primarily around the nation’s energy sector, which generates about 95 percent of export earnings, 80 percent of GDP, and 99 percent of government income. Substantial revenue from the energy sector coupled with a small population give Libya one of the highest per capita GDPs in Africa, according to Africacradle.com.

7. Tanzania– 5,700 Millionaires

Tanzania is the second-largest economy in the East African Community with a population of 49.6 million. The country now has 2,200 millionaires, up 120 percent from the turn of the millennium, according to a recent Business Insider article.

6. Angola– 6,400 Millionaires

Angola is one of the most mineral and oil-rich countries in the world. With 5,700 millionaires, Angola now has a booming class of ultra-rich people, with a 482 percent rise in people reporting high wealth numbers since 2000, as reported by Business Insider.

5. Tunisia– 6,600 Millionaires

About 11 million people call Tunisia home and 6,600 of them are millionaires. Exports to the European Union, foreign investment and tourism, are all central to the country’s economy. Key exports now include textiles and apparel, food products, petroleum products, chemicals and phosphates.

4. Kenya– 8,500 Millionaires

Kenya currently occupies the position of East Africa’s largest economy. The country, with a population of 45 million people, has the fourth highest number of millionaires on the continent. A 124 percent increase in the number of millionaires since 2000 has left this east African economy with about 8,500 HNW individuals, reports Business Insider.

3. Nigeria – 16,000 Millionaires

Nigeria recently overtook South Africa as Africa’s largest economy. As the most populous country in Africa at 177.2 million, the country is home to 16,000 millionaires, over a 300 percent increase since 2000, according to Business Insider. Oil has been a dominant source of government revenues since the 1970s, but Nigeria’s economy is also driven by a growth in agriculture, telecommunications and services.

2. Egypt- 23,000 Millionaires

Out of a population of 86.9 million people, there are 23,000 millionaires in Egypt, making the country Africa’s second largest producer of high net worth individuals. Egypt’s main exports consist of natural gas, and non-petroleum products such as ready-made clothes, cotton textiles, medical and petrochemical products, citrus fruits, rice and dried onion, and more recently cement, steel and ceramics.

1. South Africa – 46,800 Millionaires

South Africa has the highest number of millionaires on the continent, according to a new report by AfrAsia Bank and New World Wealth. South Africa has 46,800 millionaires, 30 percent of Africa’s population of high net worth individuals. Johannesburg alone, known as the “city of gold,” is home to 23,400 millionaires.

Most of the wealth in the country, however, is still largely in white hands, 21 years after the end of apartheid. However, the government’s Black Economic Empowerment scheme, aimed at redressing the imbalances of white minority rule, is a key driver in the growing number of Black millionaires.

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