Money
Mapped: A Snapshot of Wealth in Africa
Mapped: A Snapshot of Wealth in Africa
The continent of Africa contains more than 50 countries, but just five account for more than half of total wealth on the continent: South Africa, Egypt, Nigeria, Morocco, and Kenya.
Despite recent setbacks in Africa’s largest economies, wealth creation has been strong in a number of areas, and total private wealth is now estimated to be US$2.1 trillion. There also an estimated 21 billionaires in Africa today.
Drawing from the latest Africa Wealth Report, here’s a look at where all that wealth is concentrated around the continent.
A Country-Level Look at Wealth in Africa
South Africa is a still a major stronghold of wealth in Africa, with a robust luxury real estate market and ample wealth management services. The country is also ranked second on the continent in per capita wealth. That said, the country has faced challenges in recent years.
An estimated 4,500 high net worth individuals (wealth of US$1 million or more) have left South Africa over the past decade, migrating to places like the UK, Australia, and the United States. In one stark data point, the report points out that “there are 15 South African born billionaires in the world, but only 5 of them still live in South Africa.”
Here is how major African countries compare in terms of per capita wealth.
Rank | Country | Wealth per Capita (US$) |
---|---|---|
#1 | 🇲🇺 Mauritius | $34,000 |
#2 | 🇿🇦 South Africa | $10,970 |
#3 | 🇳🇦 Namibia | $9,320 |
#4 | 🇧🇼 Botswana | $7,880 |
#5 | 🇲🇦 Morocco | $3,380 |
#6 | 🇪🇬 Egypt | $3,000 |
#7 | 🇬🇭 Ghana | $1,890 |
#8 | 🇰🇪 Kenya | $1,700 |
#9 | 🇦🇴 Angola | $1,620 |
#10 | 🇨🇮 Côte d'Ivoire | $1,610 |
#11 | 🇳🇬 Nigeria | $1,100 |
#12 | 🇹🇿 Tanzania | $940 |
#13 | 🇷🇼 Rwanda | $850 |
#14 | 🇺🇬 Uganda | $820 |
#15 | 🇿🇲 Zambia | $760 |
#16 | 🇲🇿 Mozambique | $650 |
#17 | 🇪🇹 Ethiopia | $540 |
Mauritius is Africa’s wealthiest nation on a per capita basis. Here are a few reasons why the island nation comes out on top:
- HNWI growth – Wealthy individuals have flocked to Mauritius in recent years
- Ease of doing business – Mauritius ranked 13th worldwide in World Bank’s Doing Business Report
- Low taxes – There is no inheritance tax or capital gains tax in the country
- Safety – Mauritius was recently rated by New World Wealth as the safest country in Africa
- Financial sector – A growing local financial services sector and stock market (SEMDEX)
As a result, Mauritius has seen the strongest growth in total private wealth over the past decade, followed by Rwanda and Ethiopia.
On the flip side of the equation, Nigeria—which is Africa’s largest economy—saw a steep drop in total wealth. The country has struggled in recent years with high unemployment, corruption, and an over-reliance on crude oil.
The Big Picture
Over time, African countries are becoming less dependent on extractive industries, and business conditions are continuing to improve nearly across the board. These tailwinds, combined with the continent’s favorable demographics, point to a bright economic future for Africa.
The outlook for private wealth on the continent is largely positive as well. Total private wealth held in Africa is expected to reach US$3 trillion by 2031, an increase of close to 40%.
Personal Finance
Mapped: The Income a Family Needs to Live Comfortably in Every U.S. State
Families in expensive states require over $270,000 annually to live comfortably.
The Income a Family Needs to Live Comfortably in Every U.S. State
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Families in the top five most expensive U.S. states require an annual income exceeding $270,000 to live comfortably.
This visualization illustrates the income necessary for two working adults with two children to maintain a comfortable lifestyle in each state.
“Comfortable” is defined as the income needed to cover a 50/30/20 budget, with 50% allocated to necessities like housing and utilities, 30% to discretionary spending, and 20% to savings or investments.
The calculations for family income needed in each state were done by SmartAsset, using the cost of necessities sourced from the MIT Living Wage Calculator, last updated on Feb. 14, 2024.
Massachusetts Tops the List
Massachusetts is the most expensive state to live comfortably in, requiring a total family income of about $301,184. Hawaii ($294,611) comes in second, followed by Connecticut ($279,885).
Housing is one main reason Massachusetts is an expensive state to live in, particularly in the Boston area. In addition, the state also has a high cost of living, including expenses such as healthcare and utilities.
Rank | State | Income for 2 working adults raising 2 children |
---|---|---|
1 | Massachusetts | $301,184 |
2 | Hawaii | $294,611 |
3 | Connecticut | $279,885 |
4 | New York | $278,970 |
5 | California | $276,723 |
6 | Colorado | $264,992 |
7 | Washington | $257,421 |
8 | Oregon | $257,338 |
9 | New Jersey | $251,181 |
10 | Rhode Island | $249,267 |
11 | Vermont | $248,352 |
12 | Minnesota | $244,774 |
13 | New Hampshire | $244,109 |
14 | Alaska | $242,611 |
15 | Maryland | $239,450 |
16 | Nevada | $237,286 |
17 | Virginia | $235,206 |
18 | Illinois | $231,962 |
19 | Arizona | $230,630 |
20 | Pennsylvania | $230,464 |
21 | Maine | $229,549 |
22 | Delaware | $228,966 |
23 | Wisconsin | $225,056 |
24 | Utah | $218,483 |
25 | Michigan | $214,490 |
26 | Nebraska | $213,075 |
27 | Georgia | $212,826 |
28 | Montana | $211,411 |
28 | Iowa | $211,411 |
30 | Idaho | $211,245 |
31 | North Carolina | $209,331 |
31 | Ohio | $209,331 |
33 | Florida | $209,082 |
34 | Indiana | $206,003 |
35 | New Mexico | $203,923 |
36 | Wyoming | $203,424 |
37 | Missouri | $202,259 |
38 | North Dakota | $202,176 |
39 | Texas | $201,344 |
40 | South Carolina | $200,762 |
41 | Kansas | $196,768 |
42 | Tennessee | $195,770 |
43 | Oklahoma | $194,106 |
44 | Alabama | $193,606 |
45 | South Dakota | $192,608 |
46 | Kentucky | $190,112 |
47 | Louisiana | $189,613 |
48 | West Virginia | $189,363 |
49 | Arkansas | $180,794 |
50 | Mississippi | $177,798 |
Meanwhile, Mississippi is the least expensive state for a family to live comfortably, requiring $177,798 per year. Arkansas ($180,794) comes in second, followed by West Virginia ($189,363). In common, all these states share low prices of housing.
Learn More About Cost of Living From Visual Capitalist
If you enjoyed this post, be sure to check out this graphic, which ranks the median down payment for a house by U.S. state.
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