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African billionaire migration affecting job creation - wealth report

Source: News24, 18/04/2023

`Approximately 18 500 high-net-worth individuals have left Africa over the past decade (2012 to 2022). Most have relocated to the UK, the USA, and the United Arab Emirates. Significant numbers have also moved to Australia, Canada, France, Israel, Monaco, New Zealand, Portugal, and Switzerland,` the report read.
Most of those who choose to stay on the continent are migrating to South Africa and Mauritius, two of the most politically and economically stable countries in Africa.
`This (migration) is a significant concern as many billionaires are entrepreneurs and company founders who therefore have the ability to create significant employment in their host countries,` the report read.
Major concerns around the movement of the ultra-rich are either persecution by authoritarian leaders that feel challenged, or lucrative incentives from other nations.
`They usually relocate to expand their businesses or due to safety concerns,` the report stated.
Who`s rich and where are they?
There`s an estimated 138 000 American dollar millionaires, 23 billionaires, and 328 people worth more than a hundred million in Africa.
The report stated:
The `Big 5` wealth markets in Africa �` South Africa (SA), Egypt, Nigeria, Kenya, and Morocco �` together account for 56% of Africa`s high-net-worth individuals and over 90% of the continent`s billionaires.
But slowed growth in SA, Egypt and Nigeria in the past decade has seen the number of high-net-worth individuals fall 12%, compared to the decade before (2001-2011).
While the top three economies faltered, Mauritius, Seychelles, Uganda, the Democratic Republic of the Congo (DRC), Morocco, Kenya and Rwanda saw the number of high-net-worth people in their countries go up.
From this lot, the report stated, Rwanda registered the biggest growth with a 72% increase in high-net-worth people.
It wasn`t the same for Ethiopia and Ghana, which had seen a new class of the rich up to 2019.
Since then, the two countries have been stagnant.
The top 10 countries that have the most millionaires in Africa are: South Africa, Egypt, Nigeria, Kenya, Morocco, Mauritius, Algeria, Ethiopia, Ghana, and Tanzania.
But there`s a second tier of countries making it to the top 20.
These are Angola, Cote d’Ivoire, Namibia, Botswana, Uganda, Mozambique, Rwanda, Zambia, DRC and Seychelles, which are identified as fast-growing markets.
The rich like spending their wealth in vibrant cities and according to the report, South African cities are the most preferred - they are in the top 10 wealthiest places in Africa.
The report lists the wealthiest cities in Africa in order as:
• Johannesburg,
• Cairo,
• Cape Town,
• Lagos,
• Nairobi,
• Durban,
• Casablanca,
• Pretoria,
• Accra, and
• Luanda.

There`s a lot of positive transformation across the continent, one of which is the African Continental Free Trade Area (AfCFTA) which aims to boost intra-African trade.
That`s why Henley & Partners projects in the report that Africa`s millionaire population is expected to rise by 42% over the next 10 years.
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