\n
![](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2024\/06\/GettyImages-2155745702-e1717782180858.jpg?w=2048\")
<\/p>\n [ad_1]
\n<\/p>\n
The number of millionaires living in Africa\u00a0dropped<\/a>\u00a0by nearly 20,000 in the past decade as the continent\u2019s ultra-rich either moved away or saw dramatic currency depreciations eat away at their wealth. \u00a0<\/p>\n There are now just 135,200 individuals with wealth of $1 million or more, an 8% decline from 2013, according to a\u00a0report<\/a>\u00a0by Henley & Partners. Along with the continent\u2019s 342 centimillionaires and 21 billionaires, those individuals have total wealth of $2.5 trillion, the consultancy found.\u00a0<\/p>\n \u201cCurrency depreciation and underperforming stock markets have chipped away at Africa\u2019s wealth compared to global benchmarks,\u201d Dominic Volek, group head of private clients at Henley & Partners,\u00a0said in the report<\/a>. \u201cWith African stock markets underperforming against global peers, local property markets facing headwinds, and currencies depreciating against the dollar, African investors have seen their wealth eroded on multiple fronts.\u201d<\/p>\n Africa\u2019s\u00a0economies have faced multiple challenges<\/a>\u00a0over the past decade that have put strain on their budgets and currencies, from Covid-19 to rising interest rates to geopolitical tensions. South Africa, which has more than twice as many wealthy individuals as any other African country, has lost 20% of its millionaires in the last 10 years as the country battled logistics constraints, rolling blackouts and endemic crime and corruption.\u00a0<\/p>\n During that time, the South African rand has fallen 43% against the greenback and the FTSE JSE All Share Index has also trailed the S&P 500.\u00a0<\/p>\n Egypt and Nigeria, which are home to the next highest number of rich people after South Africa, have been grappling with\u00a0runaway inflation<\/a>, foreign-exchange shortages and multiple currency devaluations to allow their local units to trade more freely.\u00a0<\/p>\n Despite all the challenges, Africa\u2019s millionaire population is expected to rise by 65% in the next decade, according to the report. The gains will be driven by a\u00a0surge in wealth in Mauritius<\/a>, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda, which are all expected to experience at least 80% millionaire growth, the report said.\u00a0<\/p>\n \u201cMauritius, with its stable governance and favorable tax regime, is projected to experience a remarkable 95% growth rate, positioning it as one of the world\u2019s fastest-growing wealth markets,\u201d the report said. \u201cNamibia, too, is poised for impressive high-net-worth growth.\u201d<\/p>\n<\/div>\n\nSubscribe to the CFO Daily newsletter to keep up with the trends, issues, and executives shaping corporate finance. Sign up<\/a> for free.<\/div>\n