A new report shows the number of millionaires in Africa fell sharply in the past decade, with South Africa hit particularly hard.
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.
“Currency depreciation and underperforming stock markets have chipped away at Africa’s wealth compared to global benchmarks,” Dominic Volek, group head of private clients at Henley & Partners, said in the report. “With 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.
Africa’s economies have faced multiple challenges over the past decade that have put strain on their budgets and currencies, from Covid-19 to rising interest rates to geopolitical tensions.
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