Africa’s Ultra-Rich Are Fleeing Continent as Economic Woes Bite
- Report finds there are now 135,200 millionaires on continent
- Wild currency depreciations have chipped away at their wealth
South Africa has more than twice as many wealthy individuals as any other African country.
Photographer: Guillem Sartorio/BloombergThe number of millionaires living in Africa dropped by nearly 20,000 in the past decade as the continent’s ultra-rich either moved away or saw dramatic currency depreciations eat away at their wealth.
There are now just 135,200 individuals with wealth of $1 million or more, an 8% decline from 2013, according to a report by Henley & Partners. Along with the continent’s 342 centimillionaires and 21 billionaires, those individuals have total wealth of $2.5 trillion, the consultancy found.