According to the report by Henley & Partners, a British wealth management firm, almost 18,700 millionaires with investable wealth of at least $1 million have left the continent over the past decade.
The preferred destinations for millionaires are the UK, US and UAE, with a minority opting for France, Switzerland, Monaco or Israel.
Yet, despite this exodus, Africa remains a place of attraction for those who have reached the status of millionaires.
The mapping of African cities housing these wealthy individuals shows relative stability from one year to the next.
South Africa’s major cities continue to dominate the rankings, with Johannesburg leading the way, hosting almost 10% of total millionaires.
But it is also interesting to observe the dynamics at work behind these figures.
Cities like Marrakech are showing impressive growth, with a 65% increase in the number of millionaires over the past decade.
Grand Baie in Mauritius and Kigali in Rwanda have also seen exponential increases, attracting both local nouveau riche and those attracted by the region’s economic dynamism.
Additionally, an internal trend is also notable. Over the last ten years, Henley & Partners has identified no less than 1,600 African millionaires having emigrated within the continent.
This clearly explains the desire to diversify investments and seek new economic horizons.
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