Number of Dollar millionaires in Mauritius to grow by 75% over next 10 years

Africa’s US dollar millionaire population is expected to rise by 42% over the next 10 years, reaching around 195,000 by 2032, according to the 2023 Africa Wealth Report published by Henley & Partners in partnership with wealth intelligence firm New World Wealth.

Mauritius is predicted to be the standout, with 75% growth forecast for the next decade.

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

Rwanda is shown to be the top performing market in Africa over the last decade (2012-22), with millionaire growth of 72%, followed by Mauritius, the Seychelles, Uganda, and the Democratic Republic of the Congo.

The ‘Big 5’ wealth markets in Africa — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of Africa’s HNWIs and over 90% of the continent’s billionaires.

South Africa tops the list of the Top 10 wealthiest countries in Africa in terms of resident HNWIs by some margin.

Source: Henley & Partners