South Africa concentrated the largest amount of private wealth in Africa as of 2021, some 651 billion U.S. dollars. Egypt, Nigeria, Morocco, and Kenya followed, establishing the five wealthier markets in the continent. The wealth value referred to assets, such as cash, properties, and business interests, held by individuals living in each country, with liabilities discounted. Overall, Africa counted in the same year approximately 136,000 high net worth individuals (HNWIs), each with net assets of one million U.S. dollars or more.
COVID-19 and wealth constraints
Africa held 2.1 trillion U.S. dollars of total private wealth in 2021. The amount slightly increased in comparison to the previous year, when the coronavirus (COVID-19) pandemic led to job losses, drops in salaries, and the closure of many local businesses. However, compared to 2011, total private wealth in Africa declined 4.5 percent, constrained by poor performances in Angola, Egypt, and Nigeria. By 2031, however, the private wealth is expected to rise nearly 40 percent in the continent.
The richest in Africa
Besides 125 thousand millionaires, Africa counted 6,700 multimillionaires and 305 centimillionaires as of December 2021. Furthermore, there were 21 billionaires in the African continent, each with a wealth of one billion U.S. dollars and more. The richest person in Africa is the Nigerian Aliko Dangote. The billionaire is the founder and chairman of Dangote Cement, the largest cement producer on the whole continent. He also owns salt and sugar manufacturing companies.
Total private wealth in Africa as of 2021, by country
(in billion U.S. dollars)
According to the source, total wealth "refers to the private wealth held by all the individuals living in a country including all their assets (property, cash, equities and business interests) less any liabilities". Government funds were excluded.
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Henley & Partners. (April 22, 2022). Total private wealth in Africa as of 2021, by country (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 04, 2024, from https://www.statista.com/statistics/1182815/wealth-in-africa-by-country/
Henley & Partners. "Total private wealth in Africa as of 2021, by country (in billion U.S. dollars)." Chart. April 22, 2022. Statista. Accessed November 04, 2024. https://www.statista.com/statistics/1182815/wealth-in-africa-by-country/
Henley & Partners. (2022). Total private wealth in Africa as of 2021, by country (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 04, 2024. https://www.statista.com/statistics/1182815/wealth-in-africa-by-country/
Henley & Partners. "Total Private Wealth in Africa as of 2021, by Country (in Billion U.S. Dollars)." Statista, Statista Inc., 22 Apr 2022, https://www.statista.com/statistics/1182815/wealth-in-africa-by-country/
Henley & Partners, Total private wealth in Africa as of 2021, by country (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1182815/wealth-in-africa-by-country/ (last visited November 04, 2024)
Total private wealth in Africa as of 2021, by country (in billion U.S. dollars) [Graph], Henley & Partners, April 22, 2022. [Online]. Available: https://www.statista.com/statistics/1182815/wealth-in-africa-by-country/