Africa's millionaire explosion: The 16 countries where the ultra-wealthy are booming

Before you go, we thought you'd like these...
Before you go close icon

Asia-Pacific Is Now Home to the World's Most Millionaires

Africa's wealthy elite is expanding at a dramatic pace. In fact, according to a report by New World Wealth, the number of African millionaires has risen at twice the pace of the rest of the world in the last 15 years.

Though huge parts of Africa remain locked in extreme poverty, it's impossible to miss the emergence of ultra-wealthy individuals.

Here we've included the nations where the number of HNWI (high net worth individuals) has risen by more than 100% in the 15 years between 2000 and 2014. New World Wealth defines HNWIs as people with net assets of $1 million (£645,000) or more.

Overall in Africa, the number of HNWIs has risen by 145% over the period, while the world in general has seen an increase of 73%.

16. Uganda — a 116% increase in HNW individuals between 2000 and 2014 just sneaks Uganda onto the list, with 1,300 millionaires in the country now.

15. Morocco — The fifth largest African economy (and the second in north Africa) now has 4,800 millionaires, a rise of 118% since 2000.

14. Tanzania — the second-largest economy in the East African Community, Tanzania now has 2,200 millionaires, up 120% from the turn of the millennium.

13. Kenya — a 124% increase in the number of millionaires since 2000 has left this east African economy with more than 8,000 HNW individuals.

12. South Africa — this country has by far the largest number of HNW individuals, and a 135% increase in the last 15 years has pushed the figure to 46,800.

11. Mozambique — this Indian Ocean-facing nation has seen a 150% increase in HNWIs, just above the African average, and now has 1,000 millionaires.

10. Ivory Coast — a 156% climb in the number of millionaires brought this west African state's numbers into four-figure territory, up to 2,300.

9. Botswana — this major diamond exporter has seen the number of millionaire residents rise by 160% since 2000, climbing to 2,600.

8. Algeria — this north African state now has 4,700 HNW individuals, up from 1,800 in 2000, an increase of 161%.

7. Mauritius — this island nation has a particularly strong tourism sector, and the country has seen a 167% boom in the number of millionaires since 2000.

6. Namibia — Despite having a population of fewer than 3 million people, Namibia hosts 3,100 HNW individuals, a 244% rise on 15 years ago.

5. Ethiopia — no east African economy has seen a bigger climb in the ultra-wealthy than Ethiopia, where the numbers have risen 250% to 2,800 since 2000.

4. Nigeria — In Africa's largest state both by population and the size of the economy, the number of HNW individuals has more than quadrupled to 15,400, a 305% increase since 2000.

3. Zambia — This copper-rich state, home to Victoria Falls, has seen its number of HNW individuals rise by 400% to 1,000.

2. Ghana — this west African state's economy thrived during the commodity boom, and the number of HNW individuals has grown by 440% since 2000 to 2,700.

1. Angola — one of the most mineral and oil-rich countries in the world, Angola now has a booming class of ultra-rich people, with a 482% rise in HNW numbers since 2000.

See Also:
Click throgh the slideshow below to see 10 of the highest-paid CEOs:

10 highest-paid CEOs
See Gallery
Africa's millionaire explosion: The 16 countries where the ultra-wealthy are booming
10. Jeffrey Bewkes, Time Warner, $32.7 million

Chairman and CEO of Time Warner Inc. Jeffrey L. Bewkes speaks during Tribeca Talks Industry: The Business Of Entertainment - At The 2011 Tribeca Film Festival at SVA Theater on April 27, 2011 in New York City. (Photo by Astrid Stawiarz/Getty Images)

9. Brian Roberts, Comcast, $33 million

Comcast Corporation chairman & CEO Brian Roberts speaks at a Comcast presentation at the Contemporary Jewish Museum in San Francisco, Wednesday, Nov. 12, 2014. (AP Photo/Jeff Chiu)

8. Jeffrey Leiden, Vertex Pharmaceuticals, $36.6 million

Jeffrey Leiden, CEO of Vertex Pharmaceuticals. (Photo by Suzanne Kreiter/The Boston Globe via Getty Images)

7. Marc Benioff, $39.9 million

Marc Benioff of, winner of CEO of the Year, collects his award at the TechCrunch 8th Annual Crunchies Awards at the Davies Symphony Hall on February 5, 2015 in San Francisco, California. (Photo by Steve Jennings/Getty Images for TechCrunch)

6. Leonard Schleifer, Regeneron Pharmaceuticals, $42 million

Leonard Schleifer, founder and chief executive of the biotechnology company Regeneron, in an interview on March 9, 2015 -- (Photo by: Adam Jeffery/CNBC/NBCU Photo Bank via Getty Images)

5. Marissa Mayer, Yahoo, $42.1 million

Yahoo president and CEO Marissa Mayer speaks during a keynote address at the International Consumer Electronics Show, Tuesday, Jan. 7, 2014, in Las Vegas. Mayer unveiled the latest steps in her effort to accelerate Yahoo's lackluster revenue growth. (AP Photo/Julie Jacobson)

4. Robert Iger, Walt Disney, $43.7 million

Robert A. Iger, chairman and CEO of The Walt Disney Company, arrives at Backstage At The Geffen Gala on Saturday, March 22, 2014, in Los Angeles. (Photo by Matt Sayles/Invision for Geffen Playhouse/AP Images)

3. Philippe Dauman, Viacom, $44.3 million

President and CEO of Viacom Philippe Dauman, left, with wife Deborah Dauman, right, attends the premiere of "Transformers: Age of Extinction" on Wednesday, June 25, 2014, in New York. (Photo by Andy Kropa/Invision/AP)

2. Leslie Moonves, CBS, $54.4 million

CBS president Leslie Moonves attends the CBS Network 2015 Programming Upfront at The Tent at Lincoln Center on Wednesday, May 13, 2015, in New York. (Photo by Evan Agostini/Invision/AP)

1. David Zaslav, Discovery Communications, $156.1 million

President and CEO Discovery Communications David Zaslav speaks onstage at Discovery Communications TCA Winter 2015 at The Langham Huntington Hotel and Spa on January 8, 2015 in Pasadena, California. (Photo by Alberto E. Rodriguez/Getty Images for Discovery Communications)


More from
Read Full Story

People are Reading