The presence of dollar millionaires within a country’s population is not merely a reflection of individual wealth; it carries substantial implications for the overall economic health and development of the nation. The rise in the number of dollar millionaires signifies the growth of a prosperous class, which can contribute significantly to various sectors, foster innovation, and stimulate economic activities.
Countries with a significant number of dollar millionaires often experience robust economic growth. These high-net-worth individuals (HNWIs) possess substantial financial resources, which they are more likely to invest in local businesses, startups, and innovative ventures.
Their investments can lead to job creation, technological advancements, and overall economic expansion. Dollar millionaires act as catalysts for investment, fueling entrepreneurial spirit and attracting both domestic and foreign capital. There is also the aspect of philanthropy, which helps alleviate poverty and ease the economic distress of the disenfranchised citizens in said regions.
According to the Africa Wealth Report 2023, which the below list is based on, done by Henley & Partners, the global leader in residence and citizenship by investment, in partnership with wealth intelligence firm New World Wealth, “the ‘Big 5’ wealth markets in Africa, South Africa, Egypt, Nigeria, Kenya, and Morocco, together account for 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires.”
By a significant margin, South Africa tops the list of the Top 10 richest nations in Africa in terms of the number of wealthy residents. Also, given Mauritius’ tiny size and sparse population, its high ranking is especially noteworthy.
In Africa, the total number of high-net-worth individuals has decreased by 12% from 2012 to 2022. Poor growth in South Africa, Egypt, and Nigeria, the continent’s three major markets, limited performance.
Additionally, prior to 2019, Ethiopia and Ghana both saw strong growth in their millionaire populations. However, recent hardships have slowed these countries’ 10-year growth rates.