South Africa was home to the highest number of millionaires in Africa as of 2023. The country had ****** high net worth individuals (HNWIs), corresponding to roughly ********* of the total number of millionaires on the continent. Second, in rank, Egypt counted ****** HNWIs. According to the source, approximately ******* HNWIs lived in Africa, each with *** million U.S. dollars or more net assets, excluding government funds. The wealth value refers to assets such as cash, properties, and business interests held by individuals living in a country with fewer liabilities. The rich in Africa Compared to 2020, the number of African millionaires increased by nearly **** percent. This means that ****** people joined the group of individuals with minimum net assets of *** million U.S. dollars. The number of centi- and multimillionaires has increased as well. In 2022, the Nigerian Aliko Dangote held the title of the wealthiest person in Africa. Founder and chairman of Dangote Cement, the largest cement producer in the whole African continent, the billionaire also owns salt and sugar manufacturing companies. His net worth is estimated at nearly ** billion U.S. dollars. Trillions of U.S. dollars in riches Total private wealth in Africa amounted to *** trillion U.S. dollars in 2021, a slight increase from 2020. That year, the coronavirus (COVID-19) pandemic had led to job losses, drops in salaries, and the closure of many local businesses. Compared to other African countries, South Africa concentrated the largest private wealth. Egypt, Nigeria, Morocco, and Kenya completed the leading wealth markets. The five nations accounted for over ** percent of Africa’s total wealth in 2021.

As of January 2024, Johann Rupert and his family are the richest people in South Africa with a net worth of 11.1 billion U.S. dollars. The Rupert family are ranked at 216 globally and are the second richest people in Africa after Nigerian billionaire, Aliko Dangote, reclaimed the title. Rupert's net worth dropped by seven million U.S. dollars from 2023, mainly due to a decline in the market value of luxury goods company Richemont, where he owns an estimated 9.14 percent stake. Nicky Oppenheimer and his family placed as the second richest in South Africa, with a net worth of 9.5 billion U.S. dollars and ranking at 276 worldwide. Their net worth source was mostly founded via the diamond market. They were followed by Koos Bekker, the chairman of media group Naspers, with 3.1 billion U.S. dollars who placed 1,133 globally. Patrice Motsepe, the first black African on the Forbes list and founder of African Rainbow Minerals, ranked 1,140 out of the global billionaires list, with a net worth of three billion U.S. dollars. Where does the wealth reside in the continent? The three largest economies on the continent in terms of Gross Domestic Product (GDP), namely Nigeria, Egypt, and South Africa saw the highest concentration of private wealth, with South Africa ranking first when it came to private wealth. In fact, out of Africa’s 20 wealthiest families and individuals, 14 of them were from these economies. Since 2010, the number of high net worth individuals on the continent fluctuated peaking at 148 individuals in 2017 and reaching its lowest in 2020 at 125. High net worth individuals are people whose net assets exceed one million U.S. dollars. On the other hand, South Africa suffered from severe income inequality ranking as the most unequal country in the world with a Gini index of 0.63 points.

In 2021, Southern Africa's richest ** percent held around ** percent of the total wealth. Furthermore, the richest one percent in the region held over ** percent. The other African regions had a slightly smaller share of wealth with the wealthiest people. For instance, in West Africa, the richest ** percent held close to ** percent of the wealth, while the richest one percent held ** percent. On the other hand. The poorest ** percent in all the regions held lower than ***** percent of the wealth.

Youssou N'Dour was the richest African musician in 2021. The Senegalese musician is among Africa’s most famous singers with a net worth of around 145 million U.S. dollars. In the ranking of the richest African musicians, he was followed by Akon, the American-Senegalese celebrity with a net worth of roughly 80 million U.S. dollars. The South African DJ Black Coffee ranked third in Africa. His net worth amounts to 60 million U.S. dollars.

Youssou N'Dour: music and politics

Born in 1959 in Dakar, Youssou N'Dour started making music during his teenage. He was nominated for prominent music awards throughout his long career as a songwriter, composer, and singer. N'Dour won the Best Song title at the MTV Europe Music Award in 1994 with the song “7 Seconds”. In 2005, he won the Grammy Award for the best contemporary world music album with the album "Egypt." Besides his success in the music industry, N'Dour also actively participated in his country's politics as a Ministry of Tourism between 2012 and 2013. Moreover, he generally engaged in social issues as an activist.

Large growth potential for Africa's music industry

The African continent has gradually emerged as a relevant player in the global music industry. In 2020, Sub-Saharan Africa's recorded music market grew by 10 percent compared to the previous year. Nevertheless, the region accounted for a limited share of the worldwide revenue. Africa and the Middle East contributed only 0.6 percent to the global music publishing revenue in 2020. The sector remains dominated by the United States and Canada, which accounted for around 40 percent of the sales. Europe was another main recorded music market, generating 30 percent of the global revenue.