South Africa Has Four Times More Millionaires Than Distant Third Place Nigeria

First and Second South Africa and Egypt Leave Third Nigeria Far Behind

A British wealth advisory firm, Henley & Partners, published the Africa Wealth Report 202. That report leaves Nigeria far behind South Africa and Egypt. The report looks at the number of millionaires in every country and city; South Africa dominated the continent, giving Nigeria over four times the gap. Johannesburg, a city of under 7 million people, has more millionaires in USD than 230 million Nigerians.

The Africa Wealth Report 202 also presents some unexpected rankings. For instance, the tiny island nation of Mauritius, with a population of 1.3 million, surprisingly secured the sixth position, outpacing larger countries like DR Congo, Angola, and Ivory Coast. Similarly, Namibia, with a population of 2.6 million, managed to secure the tenth position, surpassing countries like Tanzania, Uganda, and Cameroon. 

The Africa Wealth Report 202 reveals a stark reality. Africa, with a population of 1.4 billion, only boasts 135,200 millionaires. This is significantly less than London, a city of 9 million people with 258,000 millionaires. Even Singapore, a country smaller than Lagos with only 5 million people, has more millionaires than Africa’s entire population. The US has three cities with more millionaires than Africa. The cities of New York, the Bay Area of San Francisco, and Los Angeles have 340k, 285k, and 205k, respectively. This stark disparity should serve as a wake-up call, motivating us to address the wealth gap in Africa.

When it comes to centi-millionaires, individuals worth over $100 million, South Africa takes the lead with 102, followed by Egypt at 52 and Morocco at 32. In a surprising turn, Nigeria, known for its economic potential, falls to fourth place with 23, and Kenya secures the fifth position at 16. However, the real intrigue lies in the unexpected presence of tiny Mauritius, with a population of 1.3 million, ranking sixth with 15 centi-millionaires. This unique wealth distribution in Africa sparks curiosity and invites further exploration.

In Nigeria, Lagos has more millionaires than the rest of the country. With 4,200 millionaires against Nigeria’s 8,200, Lagos is in a league of its own. By all standards, Nigeria underperforms, given its population. It would seem like we are not taking advantage of our purchasing power. All the same, why is Africa so far behind? Smaller cities and countries in South America, Europe, or Asia have far more millionaires than Africa’s largest economy and country, Nigeria. Tiny countries like Belgium, Denmark, and Norway are economically more significant and viable than over half a billion Africans from more than 20 countries. What has happened to Africa? 

By Ikechukwu ORJI