South Africa concentrated the largest amount of private wealth in Africa as of 2021, some 651 billion U.S. dollars. Egypt, Nigeria, Morocco, and Kenya followed, establishing the five wealthier markets in the continent. The wealth value referred to assets, such as cash, properties, and business interests, held by individuals living in each country, with liabilities discounted. Overall, Africa counted in the same year approximately 136,000 high net worth individuals (HNWIs), each with net assets of one million U.S. dollars or more.
COVID-19 and wealth constraints
Africa held 2.1 trillion U.S. dollars of total private wealth in 2021. The amount slightly increased in comparison to the previous year, when the coronavirus (COVID-19) pandemic led to job losses, drops in salaries, and the closure of many local businesses. However, compared to 2011, total private wealth in Africa declined 4.5 percent, constrained by poor performances in Angola, Egypt, and Nigeria. By 2031, however, the private wealth is expected to rise nearly 40 percent in the continent.
The richest in Africa
Besides 125 thousand millionaires, Africa counted 6,700 multimillionaires and 305 centimillionaires as of December 2021. Furthermore, there were 21 billionaires in the African continent, each with a wealth of one billion U.S. dollars and more. The richest person in Africa is the Nigerian Aliko Dangote. The billionaire is the founder and chairman of Dangote Cement, the largest cement producer on the whole continent. He also owns salt and sugar manufacturing companies.
What is the richest country in Africa 2021? ›
In terms of total GDP (PPP INT$), Egypt wins out as the richest country in Africa for 2021. With 104 million people, Egypt is Africa's third-most populous country. Egypt is also a mixed economy strong in tourism, agriculture, and fossil fuels, with an emerging information and communications technology sector.Which three countries possess over 50% of Africa's total wealth? ›
South Africa, Egypt, and Nigeria which respectively possess $651 billion, $307 billion, and $228 billion make up 56% of Africa's $2.1 trillion total wealth. Johannesburg is home to Africa's highest number of dollar millionaires.Which is the number 1 richest country in Africa? ›
Top 14 Richest/Wealthiest Countries In Africa 2023. 1. Nigeria – $514.05 Billion GDP: Nigeria, with its vibrant cultural legacy, diverse ethnicities, natural beauty, and vast population, remains Africa's wealthiest country and the continent's top producer in terms of GDP output.What parts of Africa are wealthy? ›
Wealthiest countries in Africa 2021. South Africa concentrated the largest amount of private wealth in Africa as of 2021, some 651 billion U.S. dollars. Egypt, Nigeria, Morocco, and Kenya followed, establishing the five wealthier markets in the continent.Which country in Africa will be the richest in 2030? ›
The first African country with a GDP over $1 trillion in 2030 will be Nigeria, according to experts. The calculation says the country's economy will more than double in that time frame.What are the 5 most developed countries in Africa? ›
- Mauritius — .802 (Very High)
- Seychelles — .785 (High)
- Algeria — .745 (High)
- Egypt — .731 (High)
- Tunisia — .731 (High)
- Libya — .718 (High)
- South Africa — .713 (High)
- Gabon — .706 (High)
- Nigeria. In recent times, you may have come across speeches or publications that referred to Nigeria as Africa's largest economy. ...
- Egypt. This North African country has the second largest gross domestic product (GDP) in Africa. ...
- South Africa. ...
- Algeria. ...
The Democratic Republic of Congo (DRC), Niger, Rwanda and South Sudan, along with the island nations of Seychelles and Mauritius, are set to be sub-Saharan Africa's fastest growing economies this year, with each expected to record GDP growth of 6% or higher, according to the latest International Monetary Fund (IMF) ...Which country is super power in Africa? ›
As of 2021, Egypt was considered the most powerful African country by its conventional fighting capacity, achieving a score of 0.22. The country also placed 13th in the global military power ranking. Following this were Algeria and South Africa, each with an index of 0.44 and 0.57, respectively.Which African economies are the strongest? ›
In ppp data, Egypt is the largest economy in Africa, followed by Nigeria and South Africa. Two economies would have gdp above Int. $1 trillion in 2021 and 16 would have an economy of above Int. $100 billion.
Which African country is the best to make money? ›
- Egypt. One of the best places to do business in Africa is Egypt. ...
- Morocco. Another place to invest in Africa is Morocco. ...
- South Africa. South Africa is probably the most popular place to invest in Africa. ...
- Rwanda. ...
- Botswana. ...
- Ghana. ...
- Mauritius. ...
- Côte d'Ivoire.
Diamond mining in South Africa has been operating for more than 150 years, with the first mine established by Cecil Rhodes in 1888 through his company De Beers — now the world's biggest diamond miner. In 1905, the world's largest diamond, the 3,016.75-carat Cullinan, was discovered in South Africa.
Mauritius. According to the GPI, Mauritius is the safest country in Africa. The island nation located off the southeast coast of Africa ranks 28th in the world and has a GPI score of 1.570. Mauritius has a low crime rate and violent crime in Mauritius is extremely rare.What are Africa's fastest growing economies? ›
Ethiopia. Ethiopia is the second-most populous nation in Africa after Nigeria, with an anticipated 117 million residents in 2021. With 6.1% growth in FY2020/21, it also saw the strongest economic growth on the continent.Where do Africans get their money? ›
Africa's super rich
Africa's millionaires are concentrated in South Africa and Nigeria, where many wealthy individuals derive their wealth from oil exploration and services. The majority of Kenya's wealth is in the hands of a few thousand individuals.
According to Trading Economics, South Africa is the most developed country in Africa, with services representing 73% of its GDP.
By 2040, Africa's total relative power is forecast to surpass that of the declining European Union (EU) and US – although only adding up to around 11% of global power. This is at odds with the world's demographic evolution. By 2050, one in four people will be African.Who will have the strongest economy in 2050? ›
As a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th) The US could be down to third place in the global GDP rankings while the EU27's share of world GDP could fall below 10% by 2050.What is the best country in Africa to live? ›
As of 2021, Egypt was considered the best country in Africa based on its performance in key attributes, namely adventure, agility, cultural influence, entrepreneurship, heritage, movers, open for business, power, social purpose, and quality of life.What country in Africa has the best quality of life? ›
At 136.02, South Africa has the highest quality of life index score in Africa. Numbeo, a global provider of perceived consumer prices and other statistics, has conducted the research. See below the list of five African nations with the best quality of life, according to Numbeo.
Which is the fastest developing city in Africa? ›
Africa's Fastest Growing Cities (2022) 1. Accra, Ghana 2. Ibadan, Nigeria 3. Lagos, Nigeria 4.Which industry is booming in Africa? ›
- Fishing Industry. ...
- Textile Industry. ...
- Mining Industry. ...
- Infrastructure Industry. ...
- Agriculture Industry. ...
- Oil Industry. ...
- Finance Industry. ...
- Transport sector.
Colonialism Of Modern Era
Arguably, the world's poorest continent lags because of modern age colonialism, which severely affects its economic growth and development. In simple words, colonialism is described as an act of practicing full or partial control over another country.
Economy. Nigeria has a GDP per capita of $4,900 as of 2020, while in Egypt, the GDP per capita is $12,000 as of 2020.Why is Africa important to the United States? ›
Sub-Saharan Africa plays a critical role in advancing global priorities to the benefit of Africans and Americans. It has one of the world's fastest growing populations, largest free trade areas, most diverse ecosystems, and one of the largest regional voting groups in the United Nations (UN).Why is Africa important to the world? ›
The continent has 40 percent of the world's gold and up to 90 percent of its chromium and platinum. The largest reserves of cobalt, diamonds, platinum and uranium in the world are in Africa. It holds 65 per cent of the world's arable land and ten percent of the planet's internal renewable fresh water source.Why is Africa not developing? ›
Outdated Government Policies
Technological innovation, industrial growth, and improved living standards, all are fuelled by the governments but sadly in Africa, the governments are not paying much heed to all of this. The governments have implemented such policies that aren't helpful at all for development.
The Seychelles is an archipelago of 115 islands and is currently the richest country in the continent of Africa. The country has a GDP per capita of 13,306.7.Who is the top richest in Africa 2022? ›
As of November 2022, Aliko Dangote was the richest man in Africa. He had a net worth of around 12 billion U.S. dollars and ranked 144th worldwide. From Nigeria, he is the founder and chairman of the Dangote Group, a large conglomerate operating in several sectors including cement and sugar.Who is the richest in Africa 2022? ›
Billionaires from just seven of Africa's 54 countries made the ranks. Nigerian industrialist Aliko Dangote, whose fortune dropped $400 million to $13.5 billion, is the richest person for the 12th year in a row, and South African luxury goods magnate Johann Rupert held onto no.
What are the 5 richest countries 2021? ›
- United States - $18.62 Tn.
- China - $11.22 Tn.
- Japan - $4.94 Tn.
- Germany - $3.48 Tn.
- United Kingdom - $2.65 Tn.
- France - $2.47 Tn.
- India - $2.26 Tn.
- Italy - $1.86 Tn.
Côte d'Ivoire was projected to be West Africa's fastest-growing economy this year at 5.7%, but Senegal is set to overtake it - expanding 4.8% this year before speeding up to 8% in 2023 and 10.5% in 2024. The forecast for Kenya, East Arica's largest economy, was kept the same at 5%.Which country has the fastest growing economy in Africa 2022? ›
- Ethiopia. GDP growth in 2021 according to World Bank: 5.64% ...
- Republic of the Congo. GDP growth in 2021 according to World Bank: 5.71% ...
- Zimbabwe. GDP growth in 2021 according to World Bank: 5.85% ...
- Senegal. GDP growth in 2021 according to World Bank: 6.06% ...
- Benin. ...
- Burkina Faso. ...
The 18 billionaires from Africa hail from seven different countries. South Africa and Egypt each have five billionaires, followed by Nigeria with three and Morocco with two. All of the continent's billionaires are men; Isabel dos Santos of Angola fell off the Forbes list in January 2021.How many billionaires are in Africa? ›
As a group, the continent's 18 billionaires are worth an estimated $84.9 billion – a 15% increase from twelve months ago and the most since 2014, when a larger number of billionaires–28–were worth a combined $96.5 billion. On average, the continent's billionaires are worth $4.7 billion now vs.Who is the youngest richest man in Africa? ›
|Born||8 May 1975 Ipembe, Singida, Tanzania|
|Spouse||Saira Dewji ( m. 2001)|
You can't think of the richest tribe in Africa, without considering Ndi Igbo as richest. Ndi Igbo are a nation recognized in Africa for their business acumen and their affinity for money. In every major market in Africa, you'd find them. In fact, some markets outside of the South East are dominated by them.Who is the richest woman in African? ›
Luxembourg: USD 143,203 per capita in 2025
We forecast Luxembourg to be the world's wealthiest economy in 2025 in nominal GDP terms (at market exchange rates).
Is the US still the richest country in the world? ›
The United States is the richest country in the world with the highest GDP, as of 2021. China is the second richest country in the world with a $17.734 trillion GDP. Monaco is the richest country in the world when measured by GDP per capita.How rich is the United States? ›
The net worth of the people in America accounts for 31% of the global net worth. Out of $463.6 trillion in global wealth, the United States' share is at $145.8 trillion. Credit Suisse issued a 2022 global wealth report.