Africa’s wealthiest epitomize success in a continent characterized by both rich opportunities and complex challenges. According to the Africa Wealth Report 2024, the continent is home to 135,200 millionaires, 342 centi-millionaires, and 21 billionaires, collectively holding a total investable wealth of USD 2.5 trillion. Yet, despite their wealth, many face significant barriers to global mobility due to the limitations of their passports. While some African nations boast passports with considerable visa-free access, others face barriers hindering their citizens’ mobility and financial reach.
A strong passport is a pathway to economic opportunity and well-being. Far more than a travel document that determines freedom of movement, a powerful passport also provides significant financial freedoms in terms of international investment and business opportunities. The Henley Passport Index and Henley Passport Power Index data sheds light on the mobility hurdles wealthy Africans encounter and how investment migration programs offer solutions.
The passport power of Africa’s big 5 billionaire nations
The Africa Wealth Report 2024 highlights only five African countries – Egypt, South Africa, Morocco, Nigeria, and Algeria — as being home to individuals with liquid investable wealth of USD 1 billion or more. A deep dive into this select group not only highlights the continent’s pockets of wealth but also underscores a pressing issue; disparity in passport power in terms of visa-free travel.
Egypt, with its seven billionaires, leads Africa in ultra-wealth concentration but ranks relatively low in passport strength. The Egyptian passport grants visa-free or visa-on-arrival access to only 52 destinations, which represent just 4percent of global GDP. Despite the nation’s economic influence, Egyptian citizens face significant travel restrictions, particularly in Europe and North America.
The continent’s largest economy South Africa, home to five billionaires, has the strongest passport among the five nations, offering visa-free access to 106 destinations representing 16.3percent of global GDP. South Africans enjoy relatively better mobility across South America and parts of Asia, but access to key business hubs such as in Europe, the UAE, the UK, and the USA remains restricted. This disparity between economic prowess and travel freedom highlights the challenges faced by wealthy South African businessowners seeking seamless global access.
Morocco, with four billionaires, has a passport slightly stronger than Egypt’s but access is still limited, with visa-free entry to just 72 destinations representing 10.4percent of global GDP. While the country has made strides in establishing diplomatic ties, mobility barriers remain an obstacle for its affluent citizens.
Nigeria, home to three billionaires, reflects the dichotomy of wealth and restricted access, faring the worst in passport power. The Nigerian passport allows visa-free travel to only 46 destinations, a similarly low number to Egypt, but representing only 1.4percent of global GDP. Given the growing influence of Nigerian entrepreneurs and investors globally, this lack of mobility poses a significant obstacle to international expansion and diversification. Algeria, with one billionaire, offers a passport with access to 56 destinations (3.1percent of global GDP) without a prior visa, underscoring the constraints faced by its wealthy residents when it comes to global travel.
Ghana – often touted as the gateway to Africa – falls, together with Algeria, among the top 5 countries with the highest Schengen visa rejection rates in the world. Despite giving its passport holders access to 68 destinations visa-free, the rejection rates for Ghanaian applicants for Schengen visas are generally 10percent higher than the global average, three times higher than the highest rejection rate, and ten times higher than for US-Americans.
A strategic gateway to opportunity
More than an inconvenience, for Africa’s ultra-wealthy, limited passport power is a barrier to economic opportunity. Business expansion, access to top-tier education for their children, and seamless international connectivity are all compromised. Investment migration programs offer a practical solution. By acquiring an alternative citizenship or residence in exchange for making an economic contribution to the host country, wealthy Africans and other high-net-worth individuals can unlock global access while mitigating the risks posed by economic volatility and political instability at home.
Top options for African investors
According to Henley & Partners data, the top three African nationalities that applied for investment migration programs in 2024 were Egyptians, South Africans, and Nigerians. Their top five preferred programs reflect a strategic approach to enhancing global mobility.
Antigua and Barbuda’s Citizenship by Investment Program remains the first choice among African investors seeking access to European and Caribbean markets, with a passport providing visa-free access to over 150 destinations including Hong Kong (SAR China), Singapore, the UK, and Europe’s Schengen Area.
Greece’s Golden Visa Program in second place also offers access to the Schengen Area and is gaining in popularity among African investors looking for residence in Europe and investment opportunities in real estate. After seven years of residence, which applies to the whole family, applicants may apply for citizenship of this EU country and enjoy visa-free access to 180 destinations.
Third is Grenada’s Citizenship by Investment Program, another popular Caribbean option for African businesspeople, with a passport enabling visa-free access to over 140 destinations, including China, Hong Kong (SAR China), Singapore, the UK, and Europe’s Schengen Area.
Portugal’s Golden Residence Permit Program is fourth, another gateway to Europe with a path to citizenship after five years of residence. Golden Residence Permit holders enjoy the right to live, work, and study in Portugal and visa-free travel in Europe’s Schengen Area. Once citizenship is acquired, visa-free access jumps to 189 destinations.
Rounding off the top five isSt. Lucia’s Citizenship by Investment Program, enabling passport holders access to 148 destinations visa-free, including Hong Kong (SAR China), Singapore, the UK, and Europe’s Schengen Area.
In addition, the recently launched Nauru Economic and Climate Resilience Citizenship Program is capturing attention with a passport that offers visa-free access to strategic destinations including Hong Kong (SAR China), Ireland, Singapore, the UAE, and the UK, improving travel flexibility.
Beyond mobility, investment migration programs provide Africa’s high-net-worth individuals with a robust hedge against uncertainties. Political instability, currency fluctuations, and tax policy changes in their home countries can be effectively mitigated through diversified residence or citizenship portfolios. These programs also offer access to better healthcare, education, and lifestyle benefits, creating a compelling case for Africa’s wealthy to look beyond borders.
Towards greater economic mobility
Africa’s wealthiest have proven their ability to thrive despite challenges, but the continent’s limitations in passport power remain a significant impediment. Addressing this issue through investment migration not only enhances individual freedom but also drives economic benefits. By participating in global networks, Africa’s wealthy entrepreneurs can further integrate their businesses into international markets, ultimately contributing to the continent’s economic growth.
As the Africa Wealth Report 2024 highlights, Egypt, South Africa, Morocco, Nigeria, and Algeria are home to Africa’s billionaires, but the aspirations of these affluent individuals extend far beyond their borders. Investment migration is a necessity in a globalized world where mobility equals opportunity. By leveraging programs tailored to their needs, Africa’s wealthiest can ensure that their influence and impact are truly limitless.
>>>the writer is a Consultant, Henley & Partners UK. Henley & Partners – the global leader in citizenship & residence planning – with previous experience working in business development & strategy roles across various industries in Ghana. He currently advises high net worth individuals and their families, successful entrepreneurs, international investors and industry leaders on acquiring alternative residence and/or citizenship around the world via strategic cross-border investments. He can be reached via [email protected]
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