Africa is witnessing an extraordinary concentration of wealth creation in select regions that are shaping the continent’s millionaire population surge.
According to the Africa Wealth Report 2025 by Henley & Partners, several key hotspots have recorded millionaire growth rates far surpassing the continental average of 65% projection over the next decade.
Mauritius leads Africa’s HNWI growth with a 63 per cent increase in the last decade, driven by strong political stability, favourable tax policies, and a robust residence-by-investment programme. Rwanda (48%) and Morocco (40%) also recorded significant growth, while some major economies like Nigeria (-47%), Angola (-36%), and Algeria (-23%) have experienced contractions in millionaire populations.
Mauritius’ Black River district has seen a spectacular 105% increase in millionaire residents over the past ten years, reaching around 1,100 high-net-worth individuals (HNWI) as of mid-2025. This phenomenal growth can be attributed to Mauritius’s political stability, business-friendly tax policies, and a strong residence-by-investment program that attracts affluent investors, lifestyle migrants, and entrepreneurs seeking both security and opportunity.
Morocco’s historic and culturally rich city of Marrakech ranks second, experiencing an impressive 67% millionaire growth to approximately 1,700 residents. Marrakech’s appeal lies in its vibrant lifestyle, expanding tourism industry, and emerging digital economy, making it a magnet for those seeking a blend of heritage and modern wealth prospects.
South Africa’s Whale Coast, encompassing upscale coastal towns and resorts, climbed to third place with a 50% surge in millionaire residents, growing to roughly 1,800 millionaires.
This area offers pristine beaches, luxury real estate, and a lifestyle destination attracting retirees, second-home buyers, and global wealth looking for a premium coastal environment.
The Cape Winelands region, home to Stellenbosch, Franschhoek, and Paarl, reported 42% growth, continuing its reputation as a preferred haven for affluent individuals drawn by world-class vineyards, education institutions, and tranquil lifestyle settings. Cape Town rounded out the top five with a 33% growth rate in millionaire residents, elevating its status as both a financial hub and lifestyle capital.
The city also boasts Africa’s most expensive prime real estate, with prices averaging $5,800 per square meter in elite neighbourhoods such as Clifton and Bantry Bay. It is on track to surpass Johannesburg’s wealth by 2030.
Expert analysts at New World Wealth highlight that many of these fastest-growing millionaire areas combine high-quality lifestyle factors with strong business ecosystems. Fintech, eco-tourism, renewable energy, software development, rare minerals mining, biotech, e-commerce, and wealth management are among the key sectors driving wealth accumulation in these regions.
Andrew Amoils, Head of Research at New World Wealth, notes, “Africa’s millionaire growth will be led by lifestyle destinations like the Whale Coast, Cape Winelands, and Marrakech, offering both opportunity and quality of life that increasingly attract global entrepreneurs. We are already seeing Morocco, Mauritius, Namibia, and Seychelles poised for significant capital inflows.”
These hotspots stand out as exemplars of how Africa’s wealth dynamics are diversifying beyond traditional financial centres, fueled by innovation, security, and attractive living standards. The report further indicates increasing trends of affluent Africans using investment migration to expand global mobility while reinvesting capital in these emerging wealth hubs.
Africa is undergoing a remarkable transformation in private wealth, with its millionaire population projected to grow by 65 per cent over the next decade, according to the Africa Wealth Report 2025 published by Henley & Partners in collaboration with New World Wealth.
The continent currently boasts 122,500 millionaires, 348 centi-millionaires (net worth over $100 million), and 25 billionaires, stark progress from the late 20th century when billionaires were rare and economic decline was widespread.
Africa’s robust economic growth underpins this rapid wealth creation; Sub-Saharan Africa’s economy is forecast to expand by 3.7 per cent in 2025, significantly outperforming Europe (0.7%) and the US (1.4%), with growth expected to reach 4.1 per cent in 2026. This sustained expansion dovetails with a surge in high-net-worth individuals (HNWIs), positioning Africa as an increasingly important player on the global wealth stage.
South Africa remains Africa’s wealth powerhouse, accounting for approximately 34 per cent of the continent’s millionaires—41,100 millionaires—nearly equal to the combined total of the next five wealthiest countries: Egypt (14,800 millionaires), Morocco (7,500), Nigeria (7,200), Kenya (6,800), and Mauritius.
At the city level, Johannesburg leads as Africa’s wealthiest city with 11,700 millionaires, anchored by the Sandton business district and luxury residential development in Waterfall–Midrand. Cape Town, Africa’s second-wealthiest city with 8,500 HNWIs, commands the continent’s highest concentration of centi-millionaires, hosting 35 super-rich residents.
With prime real estate prices averaging $5,800 per square meter, Cape Town is projected to surpass Johannesburg in total wealth by 2030. Cairo ranks third with 6,800 millionaires and the greatest number of African billionaires (five), while Nairobi, East Africa’s economic hub, holds 4,200 millionaires, nearly half of Kenya’s total private wealth.
The report highlights that Africa’s fastest-growing millionaire hotspots are lifestyle and investment havens. The Black River district in Mauritius tops the list with an extraordinary 105 per cent growth, followed by Marrakech (+67%), South Africa’s Whale Coast (+50%), Cape Winelands region (+42%), and Cape Town (+33%).
These regions attract affluent retirees, entrepreneurs, and second-home buyers with a blend of political security, appealing lifestyles, strong education systems, and expanding infrastructure.
Looking to the future, wealth growth is expected to be driven by industries such as fintech, eco-tourism, software and green tech development, rare metals mining, healthcare, biotechnology, media, entertainment, and wealth management. The report notes a shifting global investor focus as traditional wealthy destinations like the EU and UK lose some appeal, with Morocco, Mauritius, Namibia, and Seychelles projected to attract significant capital inflows.
Despite these positive trends, the report underscores widening mobility challenges for Africans, with restrictive U.S. immigration policies set to bar or restrict travellers from a majority of African nations, along with high Schengen visa rejection rates, according to the January 2025 Henley Passport Power Index and global mobility studies.
In response, affluent Africans are increasingly seeking alternative citizenship and residence programs, enhancing global mobility and business diversification. Portugal’s Golden Residence Permit remains the top choice globally, with Caribbean and Baltic options also popular.
This growing class of global African investors is not disengaging from the continent but expanding its footprint and unlocking new capital flows. Countries like Egypt, Mauritius, and São Tomé and Príncipe are leveraging investment migration to attract stable, debt-free capital, funding sustainable projects including renewable energy and climate-resilience initiatives.
Moreover, Africa’s social dividend, a young, predominantly female population well-versed in sustainable agriculture and environmental stewardship, offers immense potential to fuel future wealth creation if harnessed effectively.
With Africa contributing less than four per cent of global carbon emissions but facing disproportionate climate impacts, integrating sustainability into investment migration schemes offers unique economic and environmental benefits.
Jean Paul Fabri, Chief Economist at Henley & Partners, summed up the continent’s challenge.
“Africa’s rise in millionaires signals growing wealth but tests its ability to transform private prosperity into inclusive growth,” said Fabri. “The ultimate goal is a self-reinforcing wealth ecosystem where opportunity expands, capital circulates locally, and Africa becomes a leader, not just a participant, in the global wealth narrative.”
