The number of millionaires in Africa is growing at a tremendous rate. Each year sees incomers pop on the list of people worth one million dollars plus. For any given country, its millionaire population depends on three main factors – the size of the adult population, average wealth, and wealth inequality. Companies and high-net-worth individuals are bound to move where they are treated best.
Countries that want to attract wealthy individuals will have to apply tax-friendly policies along with other factors such as quality of life, safety, education, and access to amenities that ultra-wealthy residents value. Measuring private wealth can help put the financial health and economic activity of some of the Africa’s wealthiest countries in perspective.
Here are the top 10 countries with the most millionaires in Africa.
| Rank | Country | Millionaires |
| 1. | South Africa | 37,800 |
| 2. | Egypt | 16,100 |
| 3. | Nigeria | 9,800 |
| 4. | Kenya | 7,700 |
| 5. | Morocco | 5,800 |
| 6. | Mauritius | 4,900 |
| 7. | Algeria | 2,800 |
| 8. | Ethiopia | 2,700 |
| 9. | Ghana | 2,600 |
| 10. | Tanzania | 2,400 |
