Maritz Publishing disclaims all liability for any loss, damage, injury or expense however caused, arising from the use of, or reliance upon, in any manner, the information provided through this service and does not warrant the truth, accuracy or completeness of the information provided. Part of my drive and motivation to make money was my family's health history. Our offices are for administrative purposes only, no visitors will be accepted without an appointment. The actress' assets include luxury cars. Despite the continents many well-documented challenges for starting a business, the most recent Africa Wealth Report shows that the total private wealth held in Africa is expected to rise by 35 percent over the next 10 years, reaching $3 trillion by 2028. Practical tips for doing that are: Doing an audit of your skills and talents. He is one of the founders of FirstRand Bank, alongside Laurie Dippenaar and Paul Harris. Overall, the report reveals that Black households have one-eighth the wealth of the median White household. But in 1964, Egypts nationalisation of major industries, including cotton, forced the oldest Mansour, Loufty, to flee to Switzerland where he set up a cotton brokerage and instead connected Sudanese cotton traders with international buyers. The company has interests in IT, petroleum, and telecommunications. Secure ownership rights, which encourages people to invest in property and businesses in the country. Around US$306 billion of this is held by HNWIs. She was born and raised in Soweto and came into the limelight after starring as Doobsie in SABC 2's soap opera Muvhango. There are several former millionaires who went broke in South Africa, including Prokid, Mandoza, Baby Jake Matlala, Brown Dash, and the late Brenda Fassie. The thing that probably had the biggest impact was community. As a group, the continent's 19 billionaires are worth an . Most people recognise her from the Mzansi Magic reality series Kwa Mam'Mkhize. Racism has cost Black Americans $70 trillion since the start of slavery here's how that cost breaks down, For Black Americans, degrees aren't about catching up they're a matter of survival. Johannesburg also has 16,000 High Net Worth Individuals or HNWIs living there. If you are an admin, please authenticate by logging in again. Show publisher information The average millionaire is 57 years old. He has an estimated net worth of $9.5 billion as of 2023. Mo Ibrahim According to the Sunday Times Rich List, Sudanese-born Mo Ibrahim is the richest Black man in Britain. Let's take a closer look at some of the statistics about millionaires by country and background. Address: Riverbank House, 1 Putney Bridge Approach, London, SW6 4TJ. His venture has over 870 retail stores across Africa, Zimbabwe and Australia. [4], The 2020 billionaires' list was released by Forbes on 14 January 2020. Statista. South Africa is home to about 39,300 millionaires. Becoming wealthy is attainable for anyone. He recently launched a tequila beverage called Billiato and signed a Root of Fame sneaker deal with Drip Footwear. Total private wealth in Africa amounted to 2.1 trillion U.S. dollars in 2021. UK-based New World Wealth recently released a report that ranks African countries according to their number of millionaires. Earlier this year, Entrepreneur Magazine identified the richest people in the country all with a net worth of over R4.7 billion. WATCH: What?! By using this site you agree with our privacy and cookie policy. Use Ask Statista Research Service. [2] The country is home to household names like Shoprite and Woolworths as well as magnates like Raymond Ackerman and Christoffel Wiese who have made fortunes from building giant retail corporations. One business opportunity that is often overlooked even by fashion industry insiders is the apparel after-care sector. 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Available: https://www.statista.com/statistics/1242532/number-of-millionaires-and-billionaires-in-africa/, Number of millionaires and billionaires in Africa as 2021, by wealth tier, Available to download in PNG, PDF, XLS format, HNWI population worldwide 2010-2021, by region, Assets of HNWIs worldwide 2010-2021, by region, Number of millionaires in China 2015-2021, Annual growth rate of millionaires in China 2011-2021, Number of super rich people in China 2012-2021, Number of super rich people in Greater China in 2021, by city, Number of HNWI in China 2020, by wealth group, Distribution of super rich individuals in Greater China as of 2021, by nature, Luxury goods market revenue in China 2014-2027, Share of Chinese luxury consumption abroad and in China 2015-2021, Main reasons for purchasing luxury goods in China 2020, by age group, Leading luxury goods categories bought by Chinese luxury shoppers 2021, by age, Most popular alcoholic beverages among Chinese millionaires 2021, Most popular tea types among Chinese millionaires 2021, Most popular collector's items among Chinese high-net-worth individuals 2021, Share of Chinese millionaires who would buy used luxury goods 2021, Preferred leisure activities among Chinese millionaires 2021, China: luxury tourism revenue 2019-2024, by market, Most popular international travel destinations of Chinese millionaires 2019-2021, Most popular domestic travel destinations of Chinese millionaires 2019-2021, Most popular travel themes among Chinese millionaires 2021, Preferred gifts for men by Chinese millionaires 2021, Preferred gifts for women by Chinese millionaires 2021, Major charity donators in China 2021-2022, by donation, Chinese millionaires' leading donation purposes 2011-2021, Origins of leading philanthropists in China 2022, Distribution of investable assets of UHNWIs in the U.S. 2014, Distribution of assets of millionaires in the U.S. 2014, Prosperity measurements for regions of the United Kingdom (UK) 2017, Number of billionaires South Korea 2014-2024, Number of high net worth individuals in Japan 2021, by wealth range, Distribution of assets of UHNWIs in the U.S. 2014, Total wealth of the adult population in Japan 2000-2021, Number of millionaires South Korea 2010-2021, Non-financial wealth as a percentage of gross wealth in Asia Pacific 2019, by country, Foreign direct investment (FDI) from China, Find your information in our database containing over 20,000 reports. The staggeringly low number of American billionaires that identify as being of African. A paid subscription is required for full access. At every income level even among the top 10% of earners white Americans' net worth is higher than that of Black Americans. The people around you will tell you that you're crazy. Visit her at, Fee-only vs. commission financial advisor, This article is part of Business Insider's "Inside the racial wealth gap" series. Here's a list of the handful of African . Case in point: As I reported this story, some Black millionaires declined to talk to me on the record. As of 2013, about 76 percent of U.S. millionaires were White/Caucasian. To use individual functions (e.g., mark statistics as favourites, set Montana's cost of living is 6.7% lower than the national average. Show publisher information The report for 2022 detailed some of the fascinating fiscal trends in South Africa. 3 million). to incorporate the statistic into your presentation at any time. Get the latest tips you need to manage your money delivered to you biweekly. Did you know South Africa has the highest number of millionaires compared to other African nations? Unsurprisingly, the continents largest economy, South Africa, dominates the list with a total of 48,800 millionaires. The list has been published since 2015. Yes, Patrice Motsepe is a black billionaire from South Africa. Their responses, below in their own words, have been lightly edited and condensed. The list above shows the top 15 people who acquired wealth by running successful businesses. Many people dream of becoming wealthy. I understand this, as current times are sensitive and people may not want to appear to brag. In fact, the report notes that the level of wealth inequality "is high, both within countries and for the world as a whole.". About 14% of the U.S. population is Black or African American. South African company registration: 1986/016729/23. Currently, you are using a shared account. ", Henley & Partners, Number of high net worth individuals (HNWIs) in Africa as of 2021, by country Statista, https://www.statista.com/statistics/1182842/number-of-high-net-worth-individuals-in-africa-by-country/ (last visited March 05, 2023), Number of high net worth individuals (HNWIs) in Africa as of 2021, by country [Graph], Henley & Partners, April 22, 2022. Tap into that. New World Wealth defines a millionaire as someone with net assets of US$1m or more, excluding their primary residences. Net worth: $89.1billion French L'Oral heiress Franoise Bettencourt Meyers is the richest woman in the world, according to Forbes. However, Black females typically report average revenues that are less than their White, Latina, and Asian American counterparts. He is the director of this company and has been engaging in stock trading for years. Now, the companys interests have diversified outside of the cotton trade to include automobiles and tobacco. Koos Bekker, who is worth $2.2 billion, made all his money online from ventures like internet group Naspers. anyone that was restricted from voting prior to 1994). And looking at your work experience and seeing: How does that match a problem in the marketplace that you could solve? As of 2022, here are the world's 15 Black billionaires: 1. His net worth is $36.4 million. Consultancies such as McKinsey & Company advise companies to make their investment decisions on a city level as opposed to on a country level. But in the fashion industry, it is his wife, Precious Moloi-Motsepe, whose name people recognise instantly. Access your favorite topics in a personalized feed while you're on the go. He is the founder of the Pick N Pay Group supermarket chain. The issue of racial inequality in . Unsurprisingly, the continent's largest economy, South Africa, dominates the list with a total of 48,800 millionaires. Access to this and all other statistics on 80,000 topics from, Show sources information Experts say that luxury is a challenging sector for Africans to build a fortune. cash reserves of six months of living expenses, A toxic mix of redlining and discrimination means homes in Black neighborhoods are chronically undervalued to the tune of $156 billion. The country has a favourable business environment and a relatively stable economy. The country had 39,300 high net worth individuals (HNWIs), corresponding . In fact, about 80% of US millionaires worked for their money, with only 20% of millionaires inheriting their fortunes. Richest Black Billionaires in the World 2022 1. NWW defines millionaires or high net worth individuals (HNWIs) as those people with net assets of US$1 million (R14.5 million) or more. You have to do scary things. The figure has continued to grow since 2016 (26,649 . After years of making a good salary but living paycheck to paycheck with minimal savings, it was obvious that I was missing something. Out of these, 2,080 are multi-millionaires with a net wealth of at least $10 million. ALSO READ: Learn to earn: Which SA universities have produced the most millionaires? The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). It may take you some years; it took me 14 years. The rapper's fleet of luxury vehicles includes a McLaren GT, Bentley Continental GT V8, and a Rolls Royce. North Africa also features strongly in the rankings, with Egypt, Libya, Tunisia, Morocco and Algeria all in the top 10. The United States has the greatest number of millionaires 18.6 million, or 40% of the world total, according to the 2019 Global Wealth Report by Credit . You can only download this statistic as a Premium user. Attacks on BusinessTech, its journalists or other users will result in a ban. Take Tanzanias GSM Group, whose current president Ghalib Said Mohamed oversees a portfolio of glittering shopping malls, but which began with Mohameds ancestor hawking clothes on the streets of the port city of Tanga. Sandile Shezi is recognised as the youngest millionaire in the country. You need at least a Starter Account to use this feature. Still, I think it's important to highlight the Black people who have found success in America over the years. Something tells us they'll make it through. The report shows that the number of HNWIs in South Africa now stands at 31,852 people in 2021 - an increase of 14% compared to 2020 (28,043). All three of the current generation of the Mansour brothers Mohamed, Youssef and Yasseen are billionaires in their own right on this years Forbes list. Our offices are for administrative purposes only, no visitors will be accepted without an appointment. Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the authors alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. According to the 2021 Forbes ranking of the world's billionaires, Nigerian business magnate Aliko Dangote had a net worth of $11.5 billion and was the world's richest black man. Others were born into wealthy families and have invested in industries that pay well. Wealth inequality in the United States. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. A well-developed stock exchange and financial services system. Terms apply to offers listed on this page. [1] Because then you're going to do work that you love to do. Many African millionaires have also bought second residences in South Africa, which they use for business and holiday purpose, New World Wealth said. All Rights Reserved. One of the most revolutionary things you can do is gain financial freedom. He sits on the board of the firm with other family members. Use Ask Statista Research Service. His company provides health insurance for at least 200,000 companies and about two million people. Register in seconds and access exclusive features. Top of the list was Nicky Oppenheimer with an estimated net worth of R95.2 billion. Its Pep stores sell 55 percent of all school wear in South Africa, and distribute fashion merchandise to over 2200 stores including outlets in other African markets like Angola, Malawi, Mozambique, Uganda and Zambia. Governement funds were excluded. Read more , according to the 2019 Global Wealth Report by Credit Suisse. Although it was Raymond Ackermans grocery empire Pick n Pay that earned him a spot on the Forbes list of 50 Richest Africans back in 2015 with a reported net worth of $500 million, the Ackerman name is still synonymous with clothing, selling everything from denim to dresses for as low as $10. I just kept investing more and more each year. A lot of [billionaires] have their roots far back in history; not many are contemporary success stories, she adds. The American dream is the main reason why, for centuries the United States of America has been the number one destination for generations of immigrants. He has a personal car collection and multiple properties in Cape Town and Johannesburg. Her fleet of cars features a Rolls-Royce Ghost, Ferrari 612 Scaglietti, Porsche Cayenne Turbo, and Maserati GranTurismo. Today the billionaires reach goes as far as Takealot, one of the countrys largest e-commerce marketplaces selling clothing and other merchandise. His family owns the Isthebe Group of Companies with interests in oil, gold, cigarette, diamond, airline, and retail. The median age of Black people in 2019 was 32, six years younger than the U.S. population's median age of 38. Hlubi Nkosi's net worth is not known in the public domain. People jump to the "advanced" because they think it will fast-track them. In the second place, we have Cape Town with 6,900 high-net-worth individuals, 420 multi-millionaires, 25 centi-millionaires, and one billionaire living there. to incorporate the statistic into your presentation at any time. VOAs Arzouma Kompaore gives us a closer look at these African immigrants who are transforming their lives in America. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Chart. (April 22, 2022). Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Chart. You need a Statista Account for unlimited access. Refiloe Maele Phoolo, alias Cassper Nyovest, is one of the young millionaires in South Africa in 2023. I had more money than I realized; I felt like I got an instant raise once I started budgeting. Dangote Group founder Aliko Dangote has topped the 2018 list. How much of a Momentum Proteas Womens cricket fan are you? The biggest chunk of those millionaires are in the R1 million -R2 million range. Sipho Abednego Nkosi owns over 89,000 units of Tronox PLC stock worth. (April 22, 2022). "Many African millionaires have also bought second residences in South Africa, which they use for business and holiday. Please do not hesitate to contact me.