NAIROBI - Africa’s largest economies are experiencing a decline in the number of millionaires due to underperforming stock markets, currency depreciation, and migration.

South Africa, Egypt, and Nigeria have the highest number of millionaires in Africa, but adverse economic conditions shrank their numbers by at least 20% each between 2013 and 2023, the latest wealth report by Henley & Partners shows.

South Africa is the only African country that has 100 individuals with a net worth of $100 million or more, but that status is threatened by the rand falling 43% against the dollar and the Johannesburg Stock Exchange’s 5% dip over the last decade.

Africa’s overall millionaire population is still expected to increase 65% over the next 10 years, according to Henley.

The highest growth is projected to be in Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda. Each is expected to grow by 80% or more, driven partly by measures that invite investors to migrate and own property, as is particularly the case in Mauritius and Namibia.