Africa is experiencing one of the fastest growing private wealth markets globally as its millionaire population is projected to rise by 65% over the next decade, according to the Africa Wealth Report 2025, published by Henley & Partners in partnership with New World Wealth. This remarkable growth highlights Africa’s increasing economic resilience and the emergence of new wealth hubs despite ongoing global economic headwinds.
Currently, the continent is home to 25 billionaires, 348 centi-millionaires (individuals with wealth exceeding $100 million), and approximately 122,500 millionaires. This represents a dramatic transformation from the late 20th century, when African economies largely faced decline and only a handful of billionaires existed. The report credits Africa’s rising wealth to robust regional economic growth, with sub-Saharan Africa forecast to expand at 3.7% in 2025—outpacing both Europe (0.7%) and the US (1.4%)—and 4.1% in 2026.
South Africa dominates Africa’s wealth landscape, accounting for 34% of the continent’s millionaires with 41,100 individuals, nearly equal to the total millionaire populations in the next five wealthiest African countries combined: Egypt, Morocco, Nigeria, Kenya, and Mauritius. Of these, Mauritius stands out as the fastest-growing high-net-worth individual (HNWI) hotspot, posting a 63% increase in its millionaire population over the past decade, underpinned by political stability and favorable investment frameworks. In contrast, Nigeria, Africa’s largest economy, has seen a decline in its millionaire population by nearly 47%, reflecting complex economic pressures.
At the city level, Johannesburg leads as Africa’s wealthiest city, with 11,700 resident millionaires anchored by its commercial Sandton district and emerging luxury residential areas. Cape Town ranks second with 8,500 millionaires and holds the distinction of having Africa’s largest concentration of centi-millionaires. The city also boasts Africa’s most expensive prime residential real estate market, signaling its rising attraction as a lifestyle and investment destination. Cairo and Nairobi follow, with Nairobi representing a growing economic powerhouse in East Africa.
Despite this momentum, political tensions, governance challenges, and mobility restrictions continue to cast shadows on Africa’s wealth story. The report highlights a widening “mobility gap” as many African nations face increased visa restrictions, curtailing their citizens’ global travel freedom and economic opportunities. In response, affluent Africans are increasingly seeking alternative citizenship and residence rights to secure global mobility, educational access, and investment diversification.
Looking toward the future, experts note that Africa’s wealth growth is expected to be driven by emerging sectors such as fintech, renewable energy, healthcare, biotech, and eco-tourism. Lifestyle and tourism hubs like Mauritius, Namibia, Seychelles, and Morocco are poised to attract significant wealth inflows amid shifting global preferences. The continent’s youthful population, with a rising middle and upper class, is also seen as a critical force in shaping Africa’s socio-economic transformation.
The report concludes with a hopeful note, emphasizing that the surge in millionaires and private investable wealth—estimated at $2.5 trillion—presents a unique opportunity for Africa. The key challenge lies in translating this wealth into broad-based economic development, creating sustainable ecosystems where prosperity circulates locally, benefits communities, and positions Africa as a leader in the global wealth landscape.
