[imagesource:oysterboxhotel.com]

South Africa is the wealthiest country on the African continent according to Henley & Partners Africa Wealth Report for 2023.

This is because we have the most high-net-worth individuals, AKA billionaires, centi-millionaires and millionaires, per the study.

Africa is home to 23 billionaires, 328 centi-millionaires and 138 000 millionaires, with South Africa topping the list for most in all of Africa. The ‘Big 5’ wealth markets in Africa — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires.

Despite a challenging past decade, South Africa is still home to over twice as many high-net-worth individuals as any other African country, notes the report. We rank 30th in the world by this measure, ahead of major economies such as Indonesia, Malaysia, and Thailand.

According to the stats, there are five billionaires living in SA, each with USD 1 billion in wealth or more, while there are 98 centi-millionaires here, with USD 100 million or more in wealth, and 37,800 millionaires living in South Africa, each
with USD 1 million or more in wealth.

“South Africa’s high centi-millionaire count is particularly notable. Centi-millionaires are typically the founders of large multi-national companies, making their presence in a country particularly valuable when it comes to creating employment.”

Check out the top 10 wealthiest countries in Africa:

Image: Henley & Partners Africa Wealth Report for 2023

South African cities also dominate the list of Africa’s Top 10 wealthiest cities by the number of resident millionaires:

Image: Henley & Partners Africa Wealth Report for 2023

This study also revealed that certain hotels on the continent were especially favoured by these ultra-high-net-worth individuals with two of the favourites even being in South Africa.

The five hotels featured in the report were, The Oyster Box here in Umhlanga, then Ellerman House in Bantry Bay, followed by the Royal Mansour in Morocco, the Four Seasons Resort in Sharm El Sheikh, Egypt, and the Royal Livingstone in Zambia.

As the number one, the luxurious Oyster Box hotel in Umhlanga (pictured in the header image) overlooks the Indian Ocean on the Umhlanga beachfront, near Durban.

“This iconic hotel dates back to the 1950s, when it was a popular spot for Johannesburgers to spend their summers. In 2007, the property was renovated and transformed by Red Carnation Hotels into what it is today — the epitome of luxury,” the report said.

The report then boasted about the other top boutique hotel in the country, the Ellerman House, situated in Bantry Bay in Cape Town, promising magnificent views of the Atlantic Ocean.

“With just 13 rooms, residents are treated to privacy and tranquillity, making this a hotspot for the rich and famous that is known for its jet-set appeal,” the report revealed.

The report also recognised Singita Ebony Lodge and Londolozi as some of Africa’s premium safari lodges.

Yep, our country comes packing.

[source:henley&partners]