Browsing: Millionaires in Africa

Africa Wealth Report, Aliko Dangote, Vusi Thembekwayo,Africa
  • Five markets account for 56 percent of the continent’s high-net-worth individuals (HNWIs) and 90 percent of its billionaires.
  • Mauritius is expected to experience the highest wealth growth rate at 75 percent over the next decade.
  • South Africa ranks as one of the 20 largest prime residential markets in the world, well ahead of the other countries in Africa

When it comes to Africa wealth, only five countries hold more than half of Africa’s wealthiest persons. Despite all the signs pointing to Africa ascending towards the wealth ranks of the world, the scales are uneven.The recent Africa Wealth report by Henley and Partners in partnership with New World Wealth depicted interesting regional wealth records.

Africa holds an investable wealth worth around $2.4 trillion, an additional $3 billion from $2.1 trillion in 2022, where the region had 21 billionaires compared to 46 in 2023.

On the other hand, the millionaire population stand …

Inequality in Africa

If the world is unfair was a fact, then this statement would establish the truth without a doubt as, “there are more than twenty-one hundred billionaires across the world who own more than half of the world’s wealth” — Oxfam. 

As the number of billionaires doubles over the last decade, Oxfam argues that the richest one per cent have piled up wealth twice as much as the world population. At this moment in history, inequality has worsened. 

World Economic Forum (WEF) pins socio-economic inequality to be more than unequal distribution of income,  but views it from a large lens, arguing, “it is critical to take into consideration multidimensional factors such as social mobility, gender equality, livelihood infrastructure, technology access, the voice of civil society, privacy, social and environmental protections, progressive tax laws and labour rights when examining how societies perform on reducing inequality and serving public interest.”  

With this reality