A new detailed analysis of Africa’s economic landscape reveals a continent where traditional powerhouses are being challenged by rapidly emerging hubs, painting a complex picture of wealth creation, migration, and future growth.
The Africa Wealth Report 2025, published by Henley & Partners in partnership with New World Wealth, offers a data-driven snapshot of where Africa’s high-net-worth individuals (HNWIs) reside and invest.
It offers a definitive look at Africa’s financial power centres, painting a picture of a continent in a state of rapid, yet uneven, transformation. While South Africa’s cities continue to dominate the top of the list, a closer look at the latest report unveils a complex story of resilience, decline, and emergent growth hubs that are reshaping the continent’s economic map.
The continent is currently home to 25 billionaires, 348 centi-millionaires, and 122,500 millionaires, a remarkable expansion from the late 20th century. The report projects that Africa’s millionaire population will grow by a staggering 65% over the next decade, with Sub-Saharan Africa’s economy alone expected to outpace that of Europe and the United States in 2025.
South Africa solidifies its position as the wealthiest nation on the continent, accounting for a remarkable 34% of Africa’s total millionaires—a figure roughly equal to the combined wealth of the next five wealthiest countries. The report identifies an “Africa Big 5” wealth market, comprising South Africa (41,100 millionaires), Egypt (14,800 millionaires), Morocco (7,500 millionaires), Nigeria (7,200 millionaires), and Kenya (6,800 millionaires).
While this group represents 63% of Africa’s millionaires and 88% of its billionaires, the trends within it are diverging. Nigeria’s millionaire population has contracted sharply by -47% over the past decade, a decline attributed largely to currency depreciation and political instability. This stands in stark contrast to Morocco and Rwanda, which have seen their millionaire populations grow by +40% and +48% respectively over the same period.
The city rankings, based on the number of resident millionaires as of June 2025, highlight the continent’s most significant economic engines and their unique wealth drivers.
1. Johannesburg, South Africa
With 11,700 millionaires and 2 billionaires, Johannesburg maintains its position as the top spot. The city’s wealth is anchored by the Sandton financial district and a diverse economy spanning mining, financial services, real estate, and manufacturing. Despite its No. 1 ranking, the city has seen a decline in its millionaire population over the last decade, a trend that could threaten its position in the long run.
2. Cape Town, South Africa
Home to 8,500 millionaires and three billionaires, Cape Town is Africa’s fastest-growing wealth hub. It is projected to overtake Johannesburg by 2030, driven by its booming tech sector and a high quality of life that attracts both local and international high-net-worth individuals. The city also has the highest number of “centi-millionaires” (individuals with a net worth of $100 million or more) in Africa, with 35 calling it home. The “Mother City” also boasts the continent’s most expensive prime real estate market, averaging $5,800 per square meter.
3. Cairo, Egypt
Cairo ranks third with 6,800 millionaires and the continent’s highest concentration of billionaires, with 5 in residence. A massive consumer market and a strong presence in government, finance, and real estate fuel its economic dominance.
4. Nairobi, Kenya
As East Africa’s undisputed economic powerhouse, Nairobi is home to 4,200 millionaires. The city accounts for nearly half of Kenya’s total private wealth and is a major hub for technology, professional services, and a rapidly expanding middle class.
5. The Cape Winelands, South Africa
This scenic region, which includes Stellenbosch and Franschhoek, boasts 3,800 millionaires. It has seen a significant 42% increase in its wealthy population over the past decade, attracting entrepreneurs and high-net-worth individuals seeking a lifestyle-oriented community.
6. Umhlanga & Ballito, South Africa
This coastal region, home to 3,700 millionaires, has become a sought-after destination for high-net-worth families due to its high-end residential estates and thriving tourism sector.
7. Lagos, Nigeria
Lagos, the economic hub of West Africa, is home to 3,600 millionaires. Despite its massive market size and economic significance, the report notes that Nigeria’s overall wealth contraction has impacted its high-net-worth population, with the number of millionaires declining by 47% over the past 10 years.
8. The Garden Route, South Africa
This beautiful scenic route, with 3,200 millionaires, continues to attract wealthy individuals for its lifestyle, eco-tourism, and prime real estate.
9. Casablanca, Morocco
Morocco’s business and financial hub, Casablanca, is home to 2,900 millionaires. The city’s wealth is driven by a diversified economy spanning finance, industry, and commerce.
10. Pretoria, South Africa
Completing the list is Pretoria, with 2,300 millionaires. The city has attracted several high-net-worth families, stabilising its position as a key wealth centre.
Future Outlook: A Continent of Paradox and Promise
The report’s findings, while highlighting significant wealth concentration, also acknowledge the duality of Africa’s story. While some nations and cities are experiencing remarkable growth, others are grappling with a contraction of private wealth due to political and economic instability.
The fastest-growing wealth hotspots on the continent are often smaller, more lifestyle-focused destinations. The Black River district in Mauritius tops the list with a staggering 105% growth in its millionaire population over the past decade, followed by Marrakech, Morocco (+67%), and South Africa’s Whale Coast (+50%).
This trend suggests a shift in focus from traditional industrial hubs to regions that offer a high quality of life, political stability, and a promising business environment.
As Africa’s economy continues to outpace global growth rates, its ability to turn these moments of paradox into a narrative of transformation will depend on a sustained commitment to good governance, institutional stability, and fostering an environment conducive to entrepreneurship and innovation.
The Henley & Partners report reveals an Africa of two speeds. Traditional giants like Johannesburg and Cape Town are holding onto their top spots through established infrastructure and deep financial markets, but face significant domestic challenges that are stifling growth and triggering emigration.
Meanwhile, agile hubs like Nairobi and stable centres like Casablanca and Accra are on the rise, leveraging technology, regional integration, and relative stability to create new wealth.
