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Mapped: A Snapshot of Wealth in Africa

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Map infographic showing the top locations of private wealth in Africa

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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.

RankCountryWealth 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.

Bar chart showing 10-year wealth growth in African countries

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%.

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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.

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A map showing the income that two working adults with two children need to live comfortably in each U.S. state.

The Income a Family Needs to Live Comfortably in Every U.S. State

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

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.

RankStateIncome for 2 working adults raising 2 children
1Massachusetts$301,184
2Hawaii$294,611
3Connecticut$279,885
4New York$278,970
5California$276,723
6Colorado$264,992
7Washington$257,421
8Oregon$257,338
9New Jersey$251,181
10Rhode Island$249,267
11Vermont$248,352
12Minnesota$244,774
13New Hampshire$244,109
14Alaska$242,611
15Maryland$239,450
16Nevada$237,286
17Virginia$235,206
18Illinois$231,962
19Arizona$230,630
20Pennsylvania$230,464
21Maine$229,549
22Delaware$228,966
23Wisconsin$225,056
24Utah$218,483
25Michigan$214,490
26Nebraska$213,075
27Georgia$212,826
28Montana$211,411
28Iowa$211,411
30Idaho$211,245
31North Carolina$209,331
31Ohio$209,331
33Florida$209,082
34Indiana$206,003
35New Mexico$203,923
36Wyoming$203,424
37Missouri$202,259
38North Dakota$202,176
39Texas$201,344
40South Carolina$200,762
41Kansas$196,768
42Tennessee$195,770
43Oklahoma$194,106
44Alabama$193,606
45South Dakota$192,608
46Kentucky$190,112
47Louisiana$189,613
48West Virginia$189,363
49Arkansas$180,794
50Mississippi$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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