UGANDA, Kampala | Real Muloodi News | According to the Africa Wealth Report 2023, Uganda has witnessed a 45% significant growth in the number of dollar millionaires who are high net-worth individuals during the period that ended in December 2022.
The report reveals that Uganda’s number of high net-worth individuals rose from 940 in 2021 to 1,500 in 2022.
However, Uganda registered a decline among centi-millionaires from six to five individuals, and for the second year running, it did not register any dollar billionaires.
The Africa Wealth Report defines 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 the sectors of the economy from which high-net-worth individuals invest or generate their wealth from.
Uganda ranks 15th among the 20 countries in Africa that host the largest number of high net-worth individuals. Rwanda and DR Congo follow Uganda in the 17th and 19th positions, respectively.
The report shows Rwanda registered a 72% growth among its dollar millionaires to 1,000 and two centi-millionaires, while DR Congo recorded a 35% growth to 600 dollar millionaires and one centi-millionaire.
Kenya and Tanzania host more dollar millionaires and centi-millionaires than any other East African country.
Kenya ranked fourth among Africa’s top 20 hosts of millionaires, registering a 30% growth among dollar millionaires, from 5,660 to 7,700, while centi-millionaires rose from 12 to 15 individuals.
Meanwhile, Tanzania, which ranks 10th among Africa’s top high net-worth individual hosts, registered a 20% increase among dollar millionaires, from 1,350 to 2,400, while centi-millionaires declined from seven to six individuals.
Tanzania is the only country within East Africa that has consistently hosted high net-worth individuals since 2021.
The Africa Wealth Report indicates that at least 56% of Africa’s high-net-worth individuals and more than 90% of the continent’s billionaires are hosted in five countries, which include South Africa, Egypt, Nigeria, Kenya, and Morocco.
South Africa is the largest host of Africa’s high net-worth individuals, followed by Egypt and Nigeria.
During the period, South Africa hosted 37,800 high net-worth individuals, 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 Africa Wealth Report indicates that Africa’s investable assets grew from $2.1 trillion to $2.4 trillion. Dollar millionaires grew from 136,000 to 138,000, centi-millionaires grew from 305 to 328, and dollar billionaires grew from 21 to 23.
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