Developing nations have long been perceived as facing numerous challenges and obstacles on their path to progress. However, amidst these difficulties lie unique advantages that can catalyze their development, fuel economic growth, and foster innovation.
While most nations in Africa are considered developing nations and as such have a reputation for being disadvantaged, there are some countries within the motherland that are well beyond this stereotype and some which are on their way to being.
The latter being somewhere around the 11th to 20th wealthiest countries in Africa. The wealth of these countries is in no small measure, fueled by the ingenuity and determination of their high-net-worth individuals (HNWI).
The number of millionaires in a nation's population has a significant impact on the country's overall economic health and progress; it is not only a reflection of individual riches. The increase in millionaire households denotes the emergence of a wealthy class that may make a substantial contribution to numerous industries, encourage innovation, and boosts economic activity.
The investments of these HNWI can lead to job creation, technological advancements, and overall economic expansion. 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.
When the subject of Africa’s wealth is discussed, a few powerhouse names come to mind, including, Nigeria, South Africa, Egypt, Kenya, Morocco, and the like. However, there are African economies that are quickly on the rise.
The list below is courtesy of the Africa Wealth Report 2023, done by Henley & Partners, the global leader in residence and citizenship by investment, in partnership with wealth intelligence firm New World Wealth. The list is a follow-up to the list of the top 10 countries in Africa with the highest number of millionaires in 2023.
The list covers Africa’s 11th to 20th wealthiest African nations by the number of millionaires, or as the report puts it, Africa’s next 10 wealthiest countries.
| Rank | Country | Number of millionaires | Number of centi-millionaires |
|---|---|---|---|
| 1. | Angola | 2,400 | 4 |
| 2. | Cote d’Ivoire | 2,200 | 4 |
| 3. | Namibia | 2,100 | 3 |
| 4. | Botswana | 1,900 | 2 |
| 5. | Uganda | 1,500 | 5 |
| 6. | Mozambique | 1,100 | 2 |
| 7. | Rwanda | 1000 | 2 |
| 8. | Zambia | 900 | 3 |
| 9. | Democratic Republic of Congo | 600 | 1 |
| 10. | Seychelles | 400 | 5 |