Tanzania among 'top 10' wealthiest countries in Africa

By Osoro Nyawangah, MWANZA Tanzania

With its growth driven by agriculture and services on the supply side and final consumption and investment on the demand side, Tanzania is among ten countries in Africa with the most millionaires in Africa standing at number ten in a recent report.

Mohammed "Mo" Gulamabbas Dewji is a Tanzanian billionaire businessman and former politician. He is the owner of MeTL Group, a Tanzanian conglomerate founded by his father in the 1970s. (Courtesy)

The Africa Wealth Report made available to The Africa, indicates that Tanzania takes tenth position below Africa's 'Big 5' wealth markets, namely South Africa, Egypt, Nigeria, Kenya, and Morocco, that together make up 56% of the continent's US$ high-net-worth individuals (HNWIs) and over 90% of its billionaires.

With its millionaire growth of 20%, Tanzania is a home of 2,400 millionaires, six billionaires and one Centi-millionaires.

"Generally, the African continent currently holds investable wealth worth USD 2.4 trillion, and according to the recently published 2023 report by Henley & Partners in collaboration with New World Wealth, the population of millionaires is expected to increase by 42% over the next 10 years." Says the report.

As of now, the continent is home to 138,000 HNWIs with a wealth of USD 1 million or more, along with 328 centi-millionaires valued at USD 100 million or more and 23 US dollar billionaires.

Despite a challenging past decade, South Africa still has twice as many HNWIs as any other African country and accounts for an impressive 30% of the continent's centi-millionaires.

Egypt has the highest number of billionaires in Africa, while Mauritius has by far the highest wealth per capita (average wealth per person) at USD 37,500, followed by South Africa at USD 10,880 and Namibia at USD 10,050.

The report indicates that Africa's wealth market is growing steadily, offering opportunities for investors, entrepreneurs, and businesses looking to expand their operations in the region.

Johannesburg City, South Africa

Africa’s millionaire population is expected to rise by 42% over the next 10 years, reaching around 195,000 by 2032. Mauritius is predicted to be the standout, with 75% growth forecast for the next decade.

Strong high-net-worth individual growth of 60%+ is also forecast in Namibia, Rwanda, Zambia, the Seychelles, the Democratic Republic of the Congo, and Morocco.

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 UAE. Significant numbers have also moved to Australia, Canada, France, Israel, Monaco, New Zealand, Portugal, and Switzerland.

In terms of internal millionaire migration within the continent, approximately 1,200 high-net-worth individuals have moved between African countries over the 10-year period, with most relocating to Mauritius and South Africa.

A large number of billionaires have left Africa over the past 20 years or so. Notably, there are 52 African born billionaires globally, of whom only 23 still live on African soil.

This 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. Billionaires rarely move for tax reasons. They usually relocate to expand their businesses or due to safety concerns.

List of African countries with the most millionaires:

Country	Millionaires (USD1m+)	Billionaires (USD1bn+)	Centi-millionaires (USD100m+)	Millionaire growth (2012 to 2022)
South Africa	37,800	98	5	-21%
Egypt	16,100	54	8	-25%
Nigeria	9,800	27	4	-30%
Kenya	7,700	15	-	30%
Morocco	5,800	28	4	28%
Mauritius	4,900	10	-	69%
Algeria	2,800	8	1	-26%
Ethiopia	2,700	4	-	23%
Ghana	2,600	5	-	24%
Tanzania	2,400	6	1	20%
Total	138,000	328	23	-12%

Africa’s millionaire population is expected to rise by 42% over the next 10 years, reaching around 195,000 by 2032. Mauritius is predicted to be the standout, with 75% growth forecast for the next decade.

Strong high-net-worth individual growth of 60%+ is also forecast in Namibia, Rwanda, Zambia, the Seychelles, the Democratic Republic of the Congo, and Morocco.

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 UAE. Significant numbers have also moved to Australia, Canada, France, Israel, Monaco, New Zealand, Portugal, and Switzerland.

In terms of internal millionaire migration within the continent, approximately 1,200 high-net-worth individuals have moved between African countries over the 10-year period, with most relocating to Mauritius and South Africa.

A large number of billionaires have left Africa over the past 20 years or so. Notably, there are 52 African born billionaires globally, of whom only 23 still live on African soil.

Sisa Ngebulana, South African built his property empire brick by brick through perseverance

This 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. Billionaires rarely move for tax reasons. They usually relocate to expand their businesses or due to safety concerns.

Approximately USD 150 billion of Africa’s high-net-worth individual wealth is tied up with wealth managers and private banks. Typically, wealth managers in Africa target individuals with over USD 500,000 in investable assets.

Services that are in highest demand include asset management, financial planning, and inheritance planning.

South Africa (mainly Johannesburg) is the leading wealth management hub in Africa, with assets under management (AuM) of just over USD 85 billion (as at December 2022).

The African wealth management market is estimated to grow by an impressive 60% over the next decade, driven by strong AuM growth in most major markets.

As they are throughout the world, family offices are a fast-growing wealth management segment in Africa, and in South Africa in particular. They traditionally provide a more customized offering than wealth managers and private banks with services that include family education management, household staff management, intergenerational transfer and legal and tax services, philanthropy coordination, and property management in addition to the usual investment services.

Typically, family offices are exclusively for family members and family-related foundations, trusts, and venture capital companies. Single family offices are generally viable only for individuals with investable assets of over USD 50 million. - Africa