1. South Africa – 46,800 Millionaires
South Africa has the highest number of millionaires on the continent, according to a new report by AfrAsia Bank and New World Wealth. South Africa has 46,800 millionaires, 30 percent of Africa’s population of high net worth individuals. Johannesburg alone, known as the “city of gold,” is home to 23,400 millionaires. Most of the wealth in the country, however, is still largely in white hands, 21 years after the end of apartheid. However, the government’s Black Economic Empowerment scheme, aimed at redressing the imbalances of white minority rule, is a key driver in the growing number of Black millionaires.