Uganda sees 900pc growth in high-net-worth individuals in four years

Uganda has recorded a rise in the number of High-Net-Worth Individuals (HNWIs), growing by 900% in just four years, according to new data from the Uganda Revenue Authority (URA).

By June 2023, Uganda had 1,359 HNWIs, up from just 144 in 2019.

URA defines HNWIs as people holding shares in companies with an annual turnover of at least Shs40 billion (USD 10.53 million), having net investable assets of Shs1 billion (USD 263,000), conducting land transactions worth Shs1 billion, importing goods worth Shs1 billion annually, or owning a motor vehicle valued above Shs500 million (USD 131,500).

The group collectively paid Shs130.06 billion (USD 34.23 million) in taxes in the financial year to June 2023.

Most have invested heavily in real estate, a sector widely considered safe, accessible, and straightforward to register in Uganda.

International wealth advisory firm Henley & Partners ranks Uganda among African countries poised for substantial growth in millionaire numbers. Its Africa Wealth Report 2024 estimated Uganda’s HNWI population at about 1,000, most of them based in Kampala but Uganda’s.

Across Africa, the report counts 135,200 individuals with liquid investable wealth of USD 1 million or more, alongside 342 centi-millionaires (worth USD 100 million or more) and 21 dollar billionaires.

The continent’s “Big Five” wealth markets –  South Africa, Egypt, Nigeria, Kenya, and Morocco – hold  56% of Africa’s millionaires and more than 90% of its billionaires.

Africa’s total investable wealth is pegged at USD 2.5 trillion, with the millionaire population projected to grow by 65% in the next decade. Yet, wealth expansion has faced challenges, including currency depreciation and weak stock markets. The South African rand, for example, lost 43% of its value against the US dollar between 2013 and 2023. Currencies in Nigeria, Egypt, Angola, and Zambia fell by more than 75% in the same period.

The continent has also experienced significant wealth migration. Around 18,700 HNWIs left Africa between 2013 and 2023, with many relocating to the UK, USA, Australia, and the UAE. African-born billionaires number 54 globally, but only 21 still reside on the continent.

Despite setbacks, several African nations are forecast to experience exceptional HNWI growth by 2033. Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are all expected to see rises of more than 80%, driven by governance stability, investment migration programmes, and economic diversification. Mauritius, in particular, is projected to grow its millionaire population by 95%, making it one of the fastest-growing wealth markets worldwide.

At the city level, Johannesburg remains Africa’s wealthiest, with 12,300 millionaires, followed by Cape Town (7,400), Cairo (7,200), Nairobi (4,400), and Lagos (4,200). Cape Town is on track to overtake Johannesburg by 2030 as corporate headquarters shift south.

Luxury real estate hotspots include Cape Town (USD 5,600/m²), Grand Baie in Mauritius (USD 5,000/m²), and Morocco’s Marrakech (USD 2,200/m²). Analysts say Africa’s young, urbanising population is driving demand for high-end property and attracting both local and foreign investors.

However, limited global mobility continues to hinder Africa’s wealthy. Only Mauritius and Seychelles passports allow visa-free access to over half of global GDP. African nationals face disproportionately high rejection rates for visas, with Schengen applications from Africa rejected 30% of the time — far above the global average.

Investment migration, according to Henley & Partners, could help African nations unlock new capital, create jobs, and expand their economies, while giving wealthy Africans more options for global movement and risk management.

Kenya remains the fourth-richest country in Africa in millionaire numbers, after South Africa, Egypt, and Nigeria. The Africa Wealth Report 2024 notes that 4,400 of Kenya’s 7,200 HNWIs live in Nairobi.

Top 10 African Countries by Number of HNWIs (2024)