(Ecofin Agency) - The decline in African billionaires' wealth is mainly due to global trade disruptions affecting resource-rich countries, rising interest rates, power shortages, and ongoing political and social instability across the continent.

Africa had 29 billionaires with a combined fortune of $54 billion by the end of 2023, according to a report released on November 20 by wealth management firm Altrata.

The report, titled Billionaire Census 2024, shows that the number of African billionaires increased by 3.6% compared to 2022.

However, the total wealth of these billionaires decreased by 3.7% during the past year. This decline represents just 0.4% of the total wealth held by billionaires worldwide.

Altrata attributes the drop in African billionaires' combined wealth to several factors. These include the vulnerability of resource-rich countries to global trade disruptions, tough financing conditions, electricity shortages, and ongoing political and social instability. These issues have negatively affected the portfolios of Africa’s wealthiest individuals.

On a global scale, the billionaire population grew by 4% in 2023, reaching a total of 3,323 individuals. Their combined wealth surged by 9%, reaching an enormous $12.1 trillion.

However, wealth among billionaires remains highly unevenly distributed. Of the 3,323 billionaires, 2,779 (84%) have fortunes ranging from $1 billion to $5 billion. Meanwhile, 351 billionaires hold between $5 billion and $10 billion, and 176 have fortunes valued between $10 billion and $50 billion. A small group of 18 billionaires, each worth over $50 billion, controls 16% of the total billionaire wealth, or $1.974 trillion.

The report also highlights regional disparities. North America remains home to the largest number of billionaires, with 1,111 individuals collectively worth more than $5.027 trillion (+20.2%). In Europe, there are 980 billionaires with a combined fortune of $3.179 trillion, while Asia has 806 billionaires with a total wealth of $2.573 trillion.