Total wealth held in private hands in Africa's wealth currently amounts to $2.4 trillion with South Africa, Egypt, Nigeria, Kenya, and Morocco accounting for over 90% of its billionaires.

According to the latest 2023 Africa Wealth Report, published by Henley & Partners in partnership with New World Wealth, these five cities account for 56% of the continent’s high-net-worth individuals (HNWIs).

There are currently 138,000 HNWIs with investable wealth of $1 million or more living in Africa, along with 328 centi-millionaires worth $100 million or more, and 23 US dollar billionaires, the report said.

Dominic Volek, Group Head of Private Clients at Henley & Partners, says more African countries are setting their sights on attracting HNWIs by providing residence and citizenship by investment opportunities that have the potential to transform their economies.

"As wealth grows on the continent, we expect to see investment migration continue to gain ground in Africa not only on the demand side from African HNWIs looking to improve their travel freedom and economic mobility, secure location optionality, and mitigate risk, but also on the supply side, with more and more African nations looking to launch their own programs to increase the inflow of capital and talent."

The top richest cities in Africa with the most number of millionaires:

Johannesburg (14,600 HNWIs)

Cairo (7,400)

Cape Town (7,200)

Lagos (5,400)

Nairobi (4,700)

Durban (3,600)

Pretoria (2,400)

 Other highlights:

-The millionaire population on the African continent is expected to rise by 42% over the next decade.

-South Africa is still home to at least twice as many HNWIs as any other African country, and 30% of the continent's centi-millionaires.

-Egypt accounts for the most billionaires.

-Mauritius boasts the highest wealth per capita (average wealth per person) in Africa, at $37,500,

-South Africa has the second highest wealth per capita at $10,880 and Namibia at $10,050.

-Africa has some of the world's fastest growing markets, including Rwanda, Mauritius, and the Seychelles, which have seen wealth growth of 72%, 69%, and 54%, respectively over the past decade.

-Mauritius is expected to experience the highest private wealth growth rate at 75% over the next decade (to 2032), making it the fourth fastest growing country in the world in millionaire growth percentage terms, after Vietnam, India, and New Zealand.

-Namibia is expected to see its private wealth grow over 60% in the next 10 years as its recently launched residence by investment offering likely to attract high-net-worth investors from across the globe. The country has one of the largest uranium reserves in the world and is attracting international attention with recent discoveries of gas and oil reserves.

(Reporting by Brinda Darasha; editing by Daniel Luiz)