1 in every 11 millionaires in Africa lived in Johannesburg, South Africa, in 2023

As of December 2023, Johannesburg had the highest number of millionaires (12,300) in Africa; Cape Town followed with 7,400 millionaires. South Africa dominated the list, with its cities and regions claiming top spots.

Source:

The Africa Wealth Report 2024

Period:

2023
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South Africa hosts 41,100 millionaires, nearly six times Nigeria’s 7,200 millionaires
  • South Africa dominates with 41,100 millionaires, accounting for more than 1 in 3 African millionaires, far ahead of any other nation.
  • Egypt (14,800) and Morocco (7,500) round out the top three, highlighting North Africa’s wealth concentration.
  • Nigeria (7,200) and Kenya (6,800) confirm West and East Africa’s growing wealth hubs, though still far below South Africa.
  • Mauritius (4,800) and Seychelles (500) rank surprisingly high relative to population size, showing their role as finance and wealth management hubs.
Mauritius leads Africa with 63% millionaire growth while Nigeria declines by 47% over the last decade
  • 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.
Aliko Dangote tops world’s black billionaires list with $23.9B; Nigerians claim 3 spots in the top 10
  • Aliko Dangote of Nigeria is the richest Black billionaire globally, with more than double the wealth of the next African on the list.
  • Six of the top 10 billionaires are American, led by David Steward ($11.4B) and Robert F. Smith ($10.8B).
  • Nigeria is the only African country with multiple names: Dangote ($23.9B), Mike Adenuga ($6.8B), and Abdulsamad Rabiu ($5.1B).
  • Fortunes span industries from cement, oil, and telecoms in Africa to tech, investment, sports, and entertainment in the US.
Mauritius’ Black River leads the growth in Africa’s wealth hotspots with 105% in a decade (+560 millionaires)
  • Black River, Mauritius, saw the fastest growth in millionaires: more than 105% over 10 years, adding about 560 new millionaires.
  • Marrakech, Morocco, grew by 67%, gaining roughly 680 millionaires from tourism and luxury real estate.
  • Whale Coast, South Africa, added around 600 millionaires with 50% growth, driven by lifestyle migration.
  • Cape Winelands, South Africa, gained about 1,100 millionaires, growing 42% over the decade.
  • Cape Town grew more modestly at 33%, but had the largest absolute gain—over 2,100 millionaires—reaching 8,500 total.
Gold (jewellery, bar & coin) demand in Egypt (2010–2024)
  • Jewellery demand made up 81.35% of Egypt’s total gold demand between 2010 and 2024.
  • The highest jewellery demand was recorded in 2010 at 53 tonnes, and no year since has reached that level.
  • Jewellery demand declined by 50.75% between 2010 and 2024.
  • Bar and coin demand saw a sharp 700% increase between 2021 and 2022.
  • In 2023, bar and coin demand hit a record high of 30.3 tonnes and, for the first time, exceeded jewellery demand.
  • Overall, bar and coin demand rose by 943.48% between 2010 and 2024.
The US gold reserve of over 8,000 tonnes is higher than Germany's and Italy's gold reserves combined
Key takeaways:
  • The United States holds the largest national gold reserves in 2024, totalling 8,133.46 tonnes.
  • Western European countries in the top ten list collectively hold 9,892.76 tonnes of gold reserves.
  • China, India, and Japan are the only Asian countries in the top 10, together holding 4,001.71 tonnes.
  • The Russian Federation is the leading gold reserve holder in Central and Eastern Europe, with 2,332.74 tonnes.
  • All countries in the top ten list maintain at least 600 tonnes of gold reserves.
  • The total gold reserve held by the top ten countries amounted to 24,360.67 tonnes.
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