10 African Countries Wealthy People Are Flocking to for Citizenship – Find Out Why

The total investable wealth currently held on the African continent amounts to USD 2.5 trillion and its millionaire population is set to rise by 65% over the next 10 years, according to the 2024 Africa Wealth Report, published by international wealth advisory firm Henley & Partners in collaboration with global wealth intelligence partner New World Wealth.

Now in its 9th edition, the annual report reveals that there are currently 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth of USD 1 million or more living in Africa, along with 342 centi-millionaires worth USD 100 million or more-, and 21-dollar billionaires. Africa’s ‘Big 5’ wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of the continent’s millionaires and over 90% of its billionaires. While ultra-high-net-worth individuals across the globe are increasingly building their lives and legacies along international wealth corridors, shaped not only by their lifestyle and geographic preferences, but also by legal and regulatory frameworks that can facilitate their business and investment strategies, and Africa’s ultra-wealthy investors are no exception.

Many are successful business owners with connectivity in multiple locations — particularly the Middle East, India, and as far as Singapore, as well as Switzerland, for their banking needs. Most anglophone African countries retain strong links to the UK, ties that can be particularly powerful for ultra-high-net-worth families, whose members may have attended schools or universities in the country and who may even have worked there at one point or another. They also often own real estate in the UK, particularly in London, be it a second home, an investment property, or both. The ability for a private bank to foster global connections is crucial at a time when ultra-wealthy families are global themselves. It’s increasingly feasible for a set of grandparents (often the originators of the family wealth) to reside somewhere such as Knysna in South Africa, while at least one of their children lives in the UK, another in Dubai, and have extended family (who are all part of the family global business) residing in India or Singapore.

Four of Africa’s Top 10 wealthiest cities are in South Africa — Johannesburg has the most millionaires in Africa, with 14,600, Cairo, in 2nd place with 7,400 resident HNWIs, is just ahead of Cape Town, which has 7,200. Lagos is in 4th position with 5,400 millionaires, and Nairobi is 5th with 4,700. The other two South African cities in the Top 10 are Durban, in 6th place with 3,600 and Pretoria in the 8th spot with 2,400 HNWIs. Also, South Africa is home to some of the world’s most upmarket residential areas including Clifton in Cape Town, Beachy Head Drive in Plettenberg Bay, and Sandhurst in Johannesburg. According to New World Wealth’s latest figures, there are approximately 3,700 homes in South Africa that are valued at over USD 1 million. By this measure, South Africa ranks as one of the 20 largest prime residential markets in the world, well ahead of the other countries in Africa and in line with big emerging markets such as India and Brazil.

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However, the World Citizenship Report 2024 reveals a rising interest in second citizenship among HNWIs worldwide, with Africa emerging as a key destination. HNWIs are now focused on securing a better quality of life, safeguarding their wealth, protecting themselves from future risks, moving beyond visa-free travel and tax benefits. Here are the top 10 African countries where High-net-worth individuals (HNWIs) are most likely to consider citizenship based on global ranking and score:

1. Mauritius: Mauritius ranks as the top African country for citizenship consideration among HNWIs. With a global rank of 50 and a score of 66.2, it has become a favourable option. The country offers various incentives that attract individuals seeking a stable environment for residence.
2. Seychelles: Seychelles comes in second place with a global rank of 54 and a score of 64.4. Known for its appealing economic landscape, the country provides several pathways for individuals looking to obtain citizenship.
3. Cape Verde: Ranking 55th globally with a score of 63.8, Cape Verde is gaining traction among wealthy individuals. Its strategic location and citizenship policies make it an option for those interested in long-term investments and security.
4. Botswana: Botswana has a global rank of 59 and a score of 62.5. The country’s favourable economic conditions are driving more HNWIs to consider it as a viable option for citizenship. It continues to attract those seeking stability and ease of doing business.
5. Malawi: Malawi ranked 80th globally with a score of 55.9, offering several avenues for citizenship, especially for those interested in agricultural investment. The country’s positioning in the region also adds to its appeal for wealthy individuals.
6. Namibia: With a global rank of 84 and a score of 55.0, Namibia provides a stable political environment, encouraging HNWIs to explore its citizenship opportunities. Its economic potential continues to draw interest from wealthy individuals.
7. Sierra Leone: Ranked 96th globally, Sierra Leone has a score of 51.2. The country’s growing economy and its position in West Africa make it a notable option for HNWIs considering citizenship in the region.
8. Ghana: Ghana holds a global rank of 100, tied with Tunisia, and has a score of 49.8. Its growing appeal for wealthy individuals stems from its expanding economy and robust opportunities for business investment.
9. Tunisia: Tunisia shares the 100th position globally with Ghana, also scoring 49.8. The country offers several citizenship pathways that appeal to HNWIs, making it a potential option for those seeking residence in North Africa.
10. Cote d’Ivoire: Closing the list is Cote d’Ivoire, ranked 102nd globally with a score of 49.6. With its location in West Africa, the country provides opportunities for HNWIs looking to explore emerging markets for citizenship and business expansion.