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%.
Money
Visualizing All of the U.S. Currency in Circulation
This graphic illustrates the amount of U.S. currency in circulation globally, by denomination, based on data from the Federal Reserve.
Visualizing All of the U.S. Currency in Circulation
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.
Have you ever wondered how much U.S. currency is in circulation?
Every year, the U.S. Federal Reserve submits a print order for U.S. currency to the Treasury Department’s Bureau of Engraving and Printing (BEP). The BEP will then print billions of notes in various denominations, from $1 bills to $100 bills.
In this graphic, we’ve used the latest Federal Reserve data to visualize the approximate number of bills for each denomination globally, as of Dec. 31, 2022.
Breakdown of U.S. Currency in Circulation
The following table lists all of the data we used to create the visualization above. Note that value figures were rounded for simplicity.
Type of Bill | Number of notes in circulation (billions) | Value ($B) |
---|---|---|
$1 | 14.3 | $14B |
$2 | 1.5 | $3B |
$5 | 3.5 | $18B |
$10 | 2.3 | $23B |
$20 | 11.5 | $230B |
$50 | 2.5 | $125B |
$100 | 18.5 | $1,850B |
$500-10,000* | 0.0004 | n/a |
*$500-10,000 bills are listed as a range, and a total circulation of 0.0004 billion. Not included in graphic.
From these numbers, we can see that $100 bills are the most common bill in circulation, even ahead of $1 bills.
One reason for this is $100 bills have a longer lifespan than smaller denominations, due to people using $100 bills less often for transactions. Some businesses may also decline $100 bills as payment.
Based on 2018 estimates from the Federal Reserve, a $100 bill has a lifespan of over 20 years, which is significantly higher than $1 bills (7 years) and $5 bills (5 years).
If you’re interested in more visualizations on the U.S. dollar, consider this animated chart which shows how the dollar overtook the British pound as the world’s most prominent reserve currency.
-
Money7 days ago
Visualizing All of the U.S. Currency in Circulation
-
Markets2 weeks ago
Ranked: South Korea’s Largest Companies by Market Capitalization
-
VC+2 weeks ago
What’s New on VC+ in March?
-
Economy2 weeks ago
Confidence in the Global Economy, by Country
-
Wealth2 weeks ago
Mapped: Where Do the Wealthiest People in the World Live?
-
Misc1 week ago
Ranked: Global Airlines with the Most Plane Crashes
-
Technology1 week ago
Visualizing iPhone 15 Production by Manufacturer in 2023
-
Automotive1 week ago
Visualizing Global Electric Vehicle Sales in 2023, by Market Share