By the end of 2016, the average African individual had net assets of approximately US$2,000 (wealth per capita) while the total individual wealth held on the continent amounted to US$2.2 trillion with approximately 145,000 High Net Worth Individuals (HNWIs) living in Africa, with combined wealth holdings of approximately US$800 billion.
According to the Africa Wealth Report released by Afrasia Bank, there were 7,010 multi-millionaires living in Africa. As far as growth rate trends are concerned, African HNWI numbers have increased by 19 percent during the review period (2006-2016). 2016 was reported to have been a bad year for African HNWIs as their numbers decreased by 2, but the numbers are expected to rise by 36 percent over next 10 years, reaching approximately 198,000 by 2026.
Mauritius was ranked top with the wealthiest individuals in Africa with an average wealth of US$25,700 per person, whilst people in living in Zimbabwe are the poorest with US$200 per person. Interestingly, North African countries such as Algeria, Egypt, and Morocco all rank high on the list despite recent instability.
The table below gives a summary Wealth per capita rankings in Africa by country:
South Africa was ranked top as having the highest total wealth, with Kenya taking the 6th position after Egypt which was second, Nigeria third, Algeria fourth and Morocco taking the fifth position. According to the report, total wealth included assets like property, cash, equities and business interests.
The table below shows the ranking of country’s based on total wealth: