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Uganda's dollar millionaires grew fastest in 2022, report indicates
A person performs a transaction at a bank in Uganda. PHOTO/FILE
What you need to know:
- During 2022, Uganda’s high net worth individuals grew by 45 percent from 940 to 1,500, according to the Africa Wealth Report 2023.
- The report ranks Uganda 15th ahead of Rwanda and DR Congo, which are ranked 17th and 19th among the 20 countries in Africa that host the largest number of dollar millionaires
Uganda's dollar millionaires grew fastest in 2022, increasing by a record 560 individuals in a period that was characterised by slowed economic growth resulting from a volatile economic environment due to Covid-19 effects, high commodity prices and rising inflationary pressures, according to the Africa Wealth Report 2023.
The report by Henley & Partners, which specialises in advising high net worth individuals on design and implementation of investment-related programmes, indicates that during 2022 Uganda’s dollar millionaires increased by 45 percent despite a number of economic challenges that peaked during the period.
The Africa Wealth Report 2023 report highlights the wealth of an individual’s net investable assets, including property, cash, and listed company holdings, less of liabilities.
It also provides a comprehensive review of the wealth sector across Africa, including trends among high-net-worth individuals, luxury markets, and the wealth management sector.
During 2022, the report noted, Uganda was among the countries that registered the fastest growth among dollar millionaires, recording an increase from 940 in 2021 to 1,500.
The others were Rwanda, which registered an increase of 72 percent, Mauritius (69 percent) and Seychelles (54 percent).
However, Uganda, the reported noted, registered a slight decline among centi-millionaires from six to five individuals and for the second year running, did not register any dollar billionaire.
The report classifies dollar millionaires as individuals with investable assets of more than $1m, while centi-millionaires hold assets of $100m and more. Dollar billionaires hold $1b and more.
However, the report does not indicate which sectors of the economy high net worth individuals invest in or generate their wealth from and does not name any individual in any of the listed categories.
The report ranks Uganda 15th ahead of Rwanda and DR Congo, which are ranked 17th and 19th among the 20 countries in Africa that host the largest number of dollar millionaires.
During the period, Rwanda saw its dollar millionaires rise to 1,000 and two centi- millionaires, while DR Congo recorded a 35 percent growth to 600 dollar millionaires and one centi- millionaire.
Kenya and Tanzania, two of East Africa’s largest economies, host more dollar millionaires and centi- millionaire than any East African state.
For instance, Kenya, which was ranked fourth among Africa’s top 20 hosts, registered a 30 percent growth among dollar millionaires, from 5,660 to 7,700 while centi-millionaires rose from 12 to 15 individuals.
On the other hand, Tanzania, which closes off Africa’s top 10 hosts of dollar millionaires, registered a 20 percent increase from 1,350 to 2,400, while centi-millionaires declined from seven to six individuals.
Tanzania is the only country within East Africa to have consistently hosted a dollar billionaire since 2021.
The report further indicates that at least 56 percent of Africa’s high-net-worth individuals and more than 90 percent of the continent’s billionaires, are hosted in five countries, including South Africa, Egypt, Nigeria, Kenya, and Morocco.
South Africa is the largest host of Africa’s dollar millionaires, followed by Egypt and Nigeria.
During 2022, South Africa hosted 37,800 dollar millionaires, 98 centi-millionaires and five dollar billionaires, while Egypt hosted 16,100 dollar millionaires, 54 centi-millionaires and eight dollar billionaires.
Nigeria, Africa’s largest economy, hosted 9,800 dollar millionaires, 27 centi-millionaires and four dollar billionaires.
As of December 2022, the report indicates, Africa’s investable assets grew from $2.1 trillion to $2.4 trillion, while dollar millionaires grew from 136,000 to 138,000. Centi-millionaires grew from 305 to 328, while dollar billionaires grew from 21 to 23.
Top 20 hosts of African dollar millionaires
Country | Millionaires ($1m+) |
South Africa | 37,800 |
Egypt | 16,100 |
Nigeria | 9,800 |
Kenya | 7,700 |
Morocco | 5,800 |
Mauritius | 4,900 |
Algeria | 2,800 |
Ethiopia | 2,700 |
Ghana | 2,600 |
Tanzania | 2,400 |
Angola | 2,400 |
Cote d’Ivoire | 2,200 |
Namibia | 2,100 |
Botswana | 1,900 |
Uganda | 1,500 |
Mozambique | 1,100 |
Rwanda | 1,000 |
Zambia | 900 |
DR Congo | 600 |
Seychelles | 400 |
