Africa is on track to witness a remarkable 65 percent increase in its millionaire population over the next decade, underscoring a profound transformation in the continent’s wealth landscape that contrasts sharply with its late 20th-century economic decline.
The findings, detailed in the newly released Africa Wealth Report 2025, highlight the continent’s growing significance as a rising player in the global wealth ecosystem, fueled by sustained economic growth and expanding private wealth markets despite global headwinds.
The report draws on the Africa Wealth Report 2025 by Henley & Partners in collaboration with New World Wealth, enriched by insights from leading economists, political analysts, and sectoral research relevant up to August 2025.
Currently, Africa hosts 122,500 millionaires, 348 centi-millionaires (individuals with wealth exceeding $100 million), and 25 billionaires, an impressive expansion from the sparse billionaire presence decades ago. Sub-Saharan Africa’s economy is forecast to grow at 3.7 percent in 2025, significantly outpacing Europe’s 0.7 percent and the United States’ 1.4 percent growth rates, with projections reaching 4.1 percent in 2026.
Dominic Volek, Group Head of Private Clients at Henley & Partners, the international wealth advisory firm behind the report, said, “African investors are increasingly seeking global mobility and portfolio diversification, while international investors recognize Africa as a promising destination for stable, long-term capital deployment.”
South Africa remains the continent’s wealth heavyweight, accounting for 34 percent of Africa’s millionaire population (approximately 41,100 individuals), nearly equaling the combined total of the next five wealthiest African nations—Egypt (14,800), Morocco (7,500), Nigeria (7,200), Kenya (6,800), and Mauritius.
Notably, Mauritius recorded Africa’s fastest growth in high-net-worth individuals (HNWIs) over the past decade, at 63 percent growth, buoyed by political stability, efficient tax policies, and an attractive residence-by-investment program. Rwanda and Morocco also experienced strong growth, while Nigeria’s millionaire population contracted 47 percent, reflecting economic headwinds.
At the city level, Johannesburg leads with 11,700 resident millionaires, anchored by its vibrant Sandton business district and upscale residential zones in Waterfall and Midrand. Cape Town is Africa’s leading hub for centi-millionaires, with 35 individuals of exceptional wealth and the continent’s priciest prime real estate market averaging $5,800 per square meter, a status fueling projections it will surpass Johannesburg’s total wealth by 2030. Cairo is home to Africa’s highest billionaire concentration, boasting five billionaires, while Nairobi supports 4,200 millionaires accounting for nearly half of Kenya’s total private wealth.
Author and political analyst Justice Malala observes that Africa’s wealth story reflects “duality”, marked by resilience and institutional innovations amidst political fissures. He highlights the imperative for African leadership to harness economic momentum while addressing governance and political challenges to translate private wealth growth into broad-based development.
Key regional wealth hotspots have notably outperformed continental averages, with Mauritius’ Black River district reporting an extraordinary 105 percent millionaire growth over ten years. Marrakech (+67%) and South Africa’s Whale Coast (+50%) follow, supported by attractive lifestyles and growing infrastructure. The Cape Winelands region, encompassing Stellenbosch and Franschhoek, continues to attract affluent retirees due to its quality of life, education, and environment, while Cape Town grew 33 percent in millionaire population.
New World Wealth’s Head of Research Andrew Amoils forecasts these lifestyle destinations will drive future wealth gains, supported by burgeoning sectors such as fintech, eco-tourism, software development, green technology, e-commerce, rare minerals mining, healthcare, biotech, entertainment, and wealth management. With the EU and UK losing appeal among wealthy global elites, African nations like Morocco, Mauritius, Namibia, and Seychelles stand to gain significant wealth inflows.
The report also highlights widening mobility gaps, noting that inflows of foreign direct investment remain modest relative to portfolio investments which dominate short-term capital movements. Moreover, restrictive visa policies, particularly from the U.S. and Europe, impose barriers on African citizens. The Henley Passport Power Index reports African applicants face disproportionately high visa rejection rates in Schengen countries, one in two versus one in six globally, hampering access to global markets and networks.
In response, many affluent Africans are embracing investment migration strategies that secure alternative residencies and citizenships, enabling international mobility, educational opportunities, and wealth protection. Countries like Portugal, Grenada, Antigua and Barbuda, and Latvia feature prominently as preferred programs. On the recipient side, Egypt, Mauritius, and São Tomé and Príncipe are deploying investment migration to attract sustainable capital aimed at development projects such as renewable energy and climate resilience.
Africa’s youthful population and rising investor confidence seed immense potential, particularly through the empowerment of women, who represent roughly half of the youth population and often serve as custodians of environmental stewardship in rural areas. Investment migration programs aligned with climate adaptation projects present opportunities to fund renewable energy, sustainable agriculture, and green infrastructure, enhancing both economic and ecological resilience.
Henley & Partners’ Chief Economist Jean Paul Fabri encapsulates the continent’s challenge and opportunity said, “Africa’s millionaire growth signals wealth creation but tests whether this translates into inclusive prosperity. The goal is a self-reinforcing wealth ecosystem with thriving opportunities, circulating capital, and Africa as a leader, not just participant, in the global wealth arena.”
