Out of a population of 86.9 million people, there are 23,000 millionaires in Egypt, making the country Africa’s second largest producer of high net worth individuals. Egypt’s main exports consist of natural gas, and non-petroleum products such as ready-made clothes, cotton textiles, medical and petrochemical products, citrus fruits, rice and dried onion, and more recently cement, steel and ceramics.
South Africa has the highest number of millionaires on the continent, according to a new report by AfrAsia Bank and New World Wealth. South Africa has 46,800 millionaires, 30 percent of Africa’s population of high net worth individuals. Johannesburg alone, known as the “city of gold,” is home to 23,400 millionaires. Most of the wealth in the country, however, is still largely in white hands, 21 years after the end of apartheid. However, the government’s Black Economic Empowerment scheme, aimed at redressing the imbalances of white minority rule, is a key driver in the growing number of Black millionaires.