Nigeria ranks third of 5 African countries with the highest number of billionaires

Forbes's latest report states that Nigeria is third on the list of countries in Africa with the highest number of billionaires just below South Africa and Egypt.

The report notes that Nigeria’s total private wealth stood at $228 billion, with many multi-millionaires, cent-millionaires, and three billionaires.

South Africa’s total private wealth stood at $651 billion, with many multi-millionaires, cent-millionaires, and five billionaires.

Egypt’s total private wealth stood at $307 billion, with many multi-millionaires, cent-millionaires, and five billionaires.

Morocco’s total private wealth stood at $125 billion, with many multi-millionaires, cent-millionaires, and two billionaires.

Algeria, Zimbabwe, and Tanzania have one billionaire each with many multi-millionaires and cent-millionaires, while Ghana, Kenya, and many other countries have many multi-millionaires and cent-millionaires.

South Africa, Egypt, and Nigeria make up about 56% of Africa’s wealth (wealth of individuals), Face2Face Africa reports.

The total private wealth in Africa fell at $21 trillion between 2021 and the last quarter of 2022

Africa is home to some of the world’s fastest-growing economies, high-net-worth individuals, and several well-established wealth hubs.

Between the first quarter of 2021 and the last quarter of 2022, the total private wealth in Africa stood at $21 trillion, comprised of 136,000 approximate numbers of millionaires, with net assets of $1 million each or more, 6,700 approximate numbers of multi-millionaires, with net assets of $10 million each or more, 305 cent-millionaires, with net assets of $100 million each or more, and 18 billionaires, with net assets of $1 billion each or more.