Skip to content

The Reasons behind the Exodus of African Billionaires are Multifaceted

Africa is home to some of the wealthiest people in the world, but over the past two decades, there has been a significant increase in the number of African billionaires leaving the continent. According to the Africa Wealth Report 2023, there are currently 52 African-born billionaires worldwide, but only 23 of them still live on African soil. This raises a critical question: Why are African billionaires leaving, and how does their departure impact the continent’s economy? one of the significant factors is the lack of investment opportunities and the regulatory environment. In some African countries, policies and regulations are unstable, making it difficult for businesses to thrive. The fear of kidnappings, ransom demands, and even death has made it difficult for some billionaires to continue living in Africa. Furthermore, taxation policies in some African countries are also driving billionaires away.

SOURCE: BUSINESS INSIDER