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New World Wealth and AfrAsia Bank have published the latest African Wealth Report, showing the levels of wealth of various African nations at the end of 2018.

According to the report, South Africa is still the richest country in Africa, with the high net worth (HNWI) population of 39,200 people holding the most wealth at $649 billion.

This is double that of the second wealthiest African nation, Egypt, where the HNWI population of 16,700 people holds $303 billion.

Egypt is followed by Nigeria ($225 billion), Morocco ($114 billion) and Kenya ($93 billion).

Total wealth held on the continent amounts to US$2.2 trillion. Around US$920 billion (42%) of this is held by HNWIs, New World Wealth said.

While South Africa ranks at the top of the list, on a per capita basis ($11,450), it is only the second wealthiest nation – following behind Mauritius, where wealth per capita sits at $31,000.

Africa’s richest cities

South Afr
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New World Wealth has published its South African wealth report for 2019, showing the patterns of the country’s wealthiest people.

The report found that the country is currently home to 39,200 High Net Worth Individuals (HNWIs) – defined as individuals who have net assets of $1 million or more.

This is a drop of more than 3,000 compared to last year (43,600), as total wealth declined across the country.

“2018 was a poor year for South Africa – total private wealth held by people living in the country declined by 10% from US$722 billion in 2017 to US$649 billion in 2018.,” New World Wealth said.

“This drop was facilitated by a weakening local currency – the US$ exchange rate went to R12.30/US$ at the end of 2017 to R14.40/US$ at the end of 2018.

“The JSE all share index was also down significantly during the year (by 29% in US$ terms).”

Migration

The report also shows that a large number of wealthy Sou
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