East African countries ranked by number of dollar millionaires 2023

The report was compiled by Henley & Partners, a firm that specialises in advising individuals of high net worth on the design and implementation of investment-related programmes.

It is indicated that the number of dollar millionaires in Uganda increased by 560 individuals in 2022, a period that was plagued by slow economic growth dating back to the Covid-19 economic shocks, high commodity prices and inflation. The increase pushed Uganda from 940 dollar millionaires in 2021 to 1,500 dollar millionaires.

Uganda currently ranks 15th ahead of the Democratic Republic of Congo (19th) and Rwanda (17th) among the 20 African countries with the largest number of dollar millionaires.

The Report focuses on the wealth of an individual's assets including cash, property and listed company holdings. It doesn't focus as much on liabilities. It also includes trends among individuals of high net worth, luxury markets and the wealth management sector.

Performance in East Africa

In the same period, other countries registered a growth namely; Rwanda at 72 per cent bringing their dollar millionaires to 1,000.

Kenya and Tanzania host more dollar millionaires than any other East African country.

Kenya registered a 30 per cent growth among dollar millionaires bringing the number to 7,700 from 5,660. Tanzania registered a 20 per cent increase from 1,350 to 2,400 dollar millionaires.

East African countries ranked by number of dollar millionaires ($1m+)