Mauritius leads Africa with 63% millionaire growth while Nigeria declines by 47% over the last decade

Key Takeaways

  • Mauritius is the fastest-growing hub with a 63% surge in millionaires, highlighting its rising financial services sector and favourable investment climate.
  • Rwanda (+48%) and Morocco (+40%) also show strong upward trends, driven by economic diversification and political stability.
  • Nigeria (-47%), Angola (-36%), and Algeria (-23%) recorded the steepest declines, reflecting oil dependence, currency challenges, and political instability.
  • Africa overall saw a -5% dip, showing that while select countries are thriving, the continent’s wealth distribution has shifted unevenly.

Over the past decade, Africa’s millionaire landscape has undergone dramatic shifts. Mauritius stands out as the continent’s top wealth growth hub in the last decade, posting a remarkable 63% increase in millionaires, fuelled by its tax-friendly policies and strong tourism and financial sectors. Similarly, Rwanda and Morocco achieved significant growth, reflecting reforms, infrastructure investments, and business-friendly climates.

In contrast, Nigeria saw a staggering 47% decline, the sharpest in Africa, tied to oil dependency, currency devaluation, and capital flight. South Africa, the continent’s traditional wealth hub, also slipped by 6%, while Angola and Algeria followed with steep contractions. Overall, Africa’s millionaire count declined by 5%, underscoring widening disparities: some nations are fast-emerging wealth centres, while others are losing ground in global wealth rankings.

Source:

New World Wealth

Period:

2014 - 2024
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