Nigeria, Egypt and South Africa are three countries on the continent that compete for a lot of things. From economy to national brand, soft power to innovation and investments to millionaires, the two nations take much of Africa’s spotlight, asides from Kenya.
The newest find, however, is that South Africa is home to ultra high net worth individuals (UHNWI)— people with USD 30 Mn and above—in the continent. Despite currently being the region’s largest economy, Nigeria comes not in second, but third place.
According to The Wealth Report 2020—a new survey by real estate consultancy firm Knight Frank—there are 1,033 ultra rich individuals in South Africa. Egypt took the second spot with 764 millionaires, while Nigeria came third with 724.
The report projects that South Africa’s concentration of UHNWI will grow by 25 percent to become 1,293 in 2024. Egypt’s growth will be at 66 percent, resulting in 1,269 dollar millionaires, while Nigeria will increase 13 percent to have 819.
Currently, there are 4,501 ultra rich people in Africa, according to the report. The number will grow by 32 percent between now and 2024 to make the number 5,934.
On the East African side of the situation, Kenya no longer leads despite being the region’s richest economy. Tanzania is now the alpha UHNWI country, rising 8 percent to 5,553 from 5,118 in 2018.