Five of the top tep African countries with the largest gold reserves are North African

Half of the top 10 African countries with significant gold reserves come from North Africa, with Algeria leading with 174 tonnes. Egypt and South Africa come in second and third with 126 tonnes and 125 tonnes, respectively. Algeria, Egypt, South Africa, and Libya hold the most significant gold reserves.

Source:

Trading Economies

Period:

2023
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South African cities dominate in the number of millionaires, with 6 out of the top 10 wealthiest African cities
  • Johannesburg is home to the highest number of millionaires in Africa, with 11,700 individuals.
  • Six out of the top ten wealthiest African cities are located in South Africa.
  • Cairo leads North Africa with 6,800 millionaires, showing its dominance as a financial hub.
  • Nairobi has 4,200 millionaires, making it East Africa’s wealthiest city.
  • Lagos, with 3,600 millionaires, remains West Africa’s wealthiest city.
  • Lifestyle regions, such as the Cape Winelands and the Garden Route, feature prominently, reflecting the importance of property and lifestyle economies.
  • Casablanca, with 2,900 millionaires, underscores Morocco’s rising appeal as a North African wealth centre.
Capital expenditure accounted for 52% of Lagos State's Q1 2025 expenditure
  • Capital expenditure accounted for the largest share of Lagos State’s Q1 2025 spending, at 52%.
  • Overhead costs consumed 22% of the total expenditure.
  • Personnel costs accounted for 18%, reflecting the importance of workforce expenses.
  • Debt servicing made up 5%, indicating relatively low pressure from debt obligations.
  • The balance between recurrent (personnel, overhead, debt, and other recurrent) and capital spending leans heavily towards long-term growth.
Internally Generated Revenue (IGR) constituted 61% of Lagos State’s Q1 2025 total receipts
  • Internally Generated Revenue (IGR) accounted for 61% of Lagos State’s Q1 2025 receipts.
  • VAT was the second-largest funding source, contributing 22%.
  • Loans made up 8% of total inflows for the quarter.
  • Opening balance accounted for 4%, indicating a moderate carryover from the previous year.
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.
Cape Verde’s FDI averaged over $68M annually over 34 years, with a record $170M in 2008 and a recent 54% drop from 2023 to 2024
  • Cape Verde attracted no foreign direct investment during the early 1990s, signalling limited investor interest at the time.
  • FDI inflows skyrocketed from $130M in 2006 to an all-time high of $170M in 2008, before stabilising above $100M for most of the 2010s.
  • The country experienced large swings, ranging from a high of $150M (2014) to lows of $50M (2020).
  • Despite recovering to $130M in 2023, inflows dropped sharply to $60M in 2024, the weakest figure in over a decade.
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