Economic strains reach the richest
Mbongeni Mguni | Monday October 5, 2026 10:22
The numbers are contained in wealth intelligence firm New World Wealth’s latest Africa Wealth Report, the continent’s most comprehensive assessment of incomes at country, city and individual level. Researchers analyse household income statistics, market capitalisation data, detailed records of high-net-worth individuals from the firms’ in-house database, property sector information, tax data and other tools, to support their findings.
The research is combined in a model that estimates both the total wealth held in a country and the number of individuals in each wealth tier. Estimates of the top wealth tiers, namely, centi-millionaires and billionaires, are produced from the firms’ in-house database of high-net-worth individuals.
The reports do not identify individuals for confidentiality and privacy purposes.
According to the report, as at June 2026, Botswana had 1,600 high-net-worth individuals, down from 1,700 a year before. High-net-worth individuals are those with net assets of one million US dollars.
The country’s centimillionaires remained at four over the same period. Centimillionaires are individuals with assets of one hundred million US dollars and above.
“The economy has struggled mainly due to a decline in diamond prices,” Andrew Amoils, New World Wealth head of research, told BusinessWeek.
The latest trends indicate the first downturn in the number of high net worth individuals in several years. The numbers rose sharply during COVID-19 and immediately after, with local reports indicating an association with tenderpreneurship activities during the pandemic, as well as the sharp economic rebound from 2022.
Since 2023, however, the economy has slowed due to the prolonged diamond downturn, eating into the wealthy’s assets.
Amoils said the Okavango Delta remains one of Africa's top 4 luxury eco-tourism destinations, along with the Serengeti, Masai Mara and Greater Kruger.
Lodges especially popular with high net worth individuals who visited Botswana over the past few years include Xigera, Eagle Island Lodge, Savute Elephant Lodge, Zambezi Queen (Namibia and Botswana), Chobe Game Lodge, Camp Okavango, Xaranna, and Chief's Camp.
Across Africa, the latest wealth report shows that South Africa remains the home of the wealthiest on the continent.
South Africa had 48,200 high net worth individuals in residence as at June 2026, along with 131 centimillionaires and 10 billionaires.
“This means SA now accounts for a substantial 38% of Africa’s total millionaires and 36% of its billionaires,” Amoils said. “On a global view, South Africa ranks as the 34th wealthiest country on Earth when it comes to millionaire residents – just behind Poland and ahead of major players like Turkey and Thailand.”
Going forward, New World Wealth expects Africa’s wealth to rise sharply, with millionaire numbers on the continent forecast to more than double by 2040.
In particular, the firm projects strong millionaire growth in 'lifestyle destinations' such as Cape Town, Marrakech, the Whale Coast, the Garden Route, Tangier, the Cape Winelands, Nairobi, Windhoek, and Swakopmund.
“Our projections for Namibia are especially bullish, mainly due to its tax benefits,” the report states. “Notably, Namibia does not tax foreign income and imposes no capital gains tax or estate duty. “The capital gains exemption places it in an exclusive group alongside the UAE, the Cayman Islands, Monaco, and Singapore.”