The Africa Wealth Report has released a list of the top ten countries on the continent with the highest number of millionaires in 2023 with Tanzania managing the tenth position.
The Definition of millionaire from the Cambridge Academic Content Dictionary is a person who has more than a million dollars (USD 1,000,000) in property, possessions, or money saved.
Tanzania is reported to have 2400 millionaires identified in 2023 so far.
Kenya which has three-times the number of millionaires (7,700) ranks much higher at Number 4.
As it happens, Kenya and Tanzania are the only East African Community Member States that have made it into the Africa Wealth Report’s top ten listing.
South Africa is topping the bill at Number One with a total of 37,800-dollar designated millionaires.
Egypt comes second with a total of 16,100 millionaires as of the latest count.
At number three there is Nigeria which shouts loud with a total of 9800 Millionaires, beating Kenya which is slotted at position 4.
Morocco takes position number 5 on the continent with a total of 5,800 Millionaires.
Mauritius with 4,900 Millionaires is slotted at number six in Africa.
Algeria which has 2,800 Millionaires is listed at position number 7 in Africa.
Ethiopia has a total of 2,700 Millionaires and the Africa Wealth report places the country at Number 8.
It may have been the first country in Africa to gain independence, but Ghana has managed to create just 2,600 Millionaires in the country’s 66 years of liberty.
Ghana is at Number 9, only managing to beat Tanzania which closes the top-ten list.
We have just seen the top-ten African countries with the highest numbers of Millionaires, but how many Centi-Millionaires are splashing money on the continent?
A Centi-millionaire is a person one whose wealth is estimated at one hundred million (as of dollars or pounds) or more.
This time Tanzania has climbed up to Number 8 as far as the number of Centi-Millionaires is concerned while Kenya has dropped one position to Number 5.
South Africa continues to top the bill with the highest count of centi-millionaires, just as Egypt remains at Number 2, with Nigeria maintaining the third position in the Africa Wealth Report 2023 list.
The following are the Top 10 countries in Africa with the highest number of Centi-millionaires in 2023.
1. South Africa 98 Centi-millionaires
2. Egypt 54 Centi-millionaires
3. Nigeria 27 Centi-millionaires
4. Morocco 28 Centi-millionaires
5. Kenya 15 Centi-millionaires
6. Mauritius 10 Centi-millionaires
7. Algeria 8 Centi-millionaires
8. Tanzania 6 Centi-millionaires
9. Ghana 5 Centi-millionaires
10. Ethiopia 4 Centi-millionaires