Beneath the relentless African sun, a stark and accelerating transformation is unfolding. It is a continent writing two futures simultaneously, a tale of two destinies unfolding in real-time.
On one hand, gleaming innovation hubs rise, where tech billionaires plot their next global venture and luxury skylines pierce the clouds.
On the other hand, the relentless grind of poverty threatens to swallow generations whole. This is not merely a story of wealth and poverty existing side-by-side; it is a high-stakes drama of unprecedented opportunity clashing with deeply entrenched destitution.
Welcome to Africa’s dual destiny: a continent racing toward a prosperous future, while fighting to ensure that future does not leave the majority of its people behind. The outcome of this struggle will not only define a continent but will reshape the entire world.
Africa is a continent of profound contradictions. On one hand, it is a dynamic force on the global wealth stage, with a rising tide of private assets driven by unprecedented economic growth. This growth coexists with deep, persistent social inequality and poverty that define the lives of millions.
The Africa Wealth Report 2025, a collaboration between Henley & Partners and New World Wealth, does not just catalogue wealth. It reveals a complex dual narrative, a continent where economic resilience and wealth accumulation unfold concurrently with systemic inequality, shaping Africa’s complex economic fabric today.
The report signposts Africa’s potential, but it is also a sober reminder of its most pressing challenges. The question is no longer whether Africa can generate wealth, but whether it can turn that prosperity into a self-reinforcing engine for broad-based socioeconomic upliftment.
Africa is currently home to a significant wealth class of approximately 122,500 millionaires, 348 centi-millionaires (net worth over $100 million), and 25 billionaires. This is a dramatic transformation from the late 20th century, a period when Africa had only a handful of billionaires and many of its economies were in decline. The continent’s millionaire population is projected to surge by a remarkable 65% over the next decade, fueled by economic growth that outstrips developed markets.
For context, Sub-Saharan Africa’s GDP growth forecast of 3.7% in 2025 significantly surpasses Europe’s 0.7% and the United States’ 1.4%, with further acceleration expected to 4.1% in 2026.
The report highlights an ‘Africa Big 5’ wealth market, which collectively holds 63% of the continent’s millionaire population and 88% of its billionaires. South Africa is the undisputed leader with 41,100 millionaires; Egypt: 14,800 millionaires; Morocco: 7,500 millionaires; Nigeria: 7,200 millionaires; and Kenya: 6,800 millionaires.
The trends within this elite group are diverging. While Morocco and Rwanda posted strong millionaire growth of +40% and +48% respectively, Nigeria’s millionaire population has contracted sharply by -47% over the past decade. This decline is a cautionary tale of a country struggling with currency devaluation, political instability, and over-reliance on a single commodity.
The epicentre of prosperity: Africa’s wealthiest cities
Johannesburg, South Africa
With 11,700 millionaires and two billionaires, Johannesburg retains its position as Africa’s wealthiest city. The city’s financial and economic strength is anchored by its Sandton commercial district, often dubbed “the richest square mile in Africa,” and its robust real estate, manufacturing, and financial services sectors.
Cape Town, South Africa
With 8,500 millionaires and three billionaires, Cape Town is the continent’s most dynamic wealth hub. It has emerged as Africa’s leader in centi-millionaires, with 35 super-wealthy individuals calling it home. The city’s total private wealth is a staggering $130 billion, making it one of the most concentrated wealth centres on the continent. Its booming tech sector, coupled with a high quality of life and luxury property market (averaging USD 5,800 per square meter in prime areas), positions it to overtake Johannesburg in total wealth by 2030.
Cairo, Egypt
Ranking third, Cairo hosts 6,800 millionaires and has the highest concentration of billionaires in Africa, with 5 in residence. Its economy, the largest in North Africa, is driven by government, finance, and a massive consumer market.
Nairobi, Kenya
East Africa’s economic powerhouse, Nairobi, is home to 4,200 millionaires. It accounts for nearly half of Kenya’s total private wealth and has solidified its reputation as a major hub for technology, finance, and professional services.
Wealth in contrast to poverty
This narrative of booming wealth exists in stark contrast to the widespread poverty that afflicts a large portion of the continent.
According to World Bank data, over 40% of sub-Saharan Africans live on less than $2 a day. South Africa, despite being Africa’s wealthiest nation, is also one of the world’s most unequal, with a Gini coefficient of 63%, highlighting a severe disparity between the rich and the poor.
This duality underscores a central challenge: the need to translate private wealth creation into broad-based socioeconomic upliftment, job creation, and poverty reduction. While wealth flourishes at the top, the lack of robust tax systems and capital circulation often means this prosperity fails to trickle down, exacerbating the divide.
The report also highlights a growing trend in investment migration, where wealthy Africans are proactively seeking alternative citizenship and residency to gain greater global mobility.
Restrictive visa regimes, particularly against African nationals, have created a booming market for investment migration programs in countries like Portugal, Grenada, and Mauritius. For instance, the Portugal Golden Residence Permit Program remains a top choice for African investors seeking access to the Schengen Area.
Meanwhile, a new wave of “wealth hotspots” is emerging within Africa itself. The Black River district in Mauritius tops the list with a phenomenal 105% millionaire growth over the past decade. Other rapidly growing hubs include Marrakech, Morocco (+67%), and South Africa’s Whale Coast (+50%).
These areas combine scenic beauty, political stability, and investment opportunities in cutting-edge sectors like fintech, eco-tourism, and green technology, attracting a new generation of entrepreneurs.
The Africa Wealth Report 2025 is more than a list of numbers; it is a call to action. Political analyst Justice Malala’s perspective in the report encapsulates the challenge
“Africa’s story remains one of dualities… If African leadership can harness the momentum of economic growth while tackling political dysfunction with equal resolve, the continent may yet turn this moment of paradox into one of transformation,” stated Malala.
The rise of Africa’s millionaire class signals immense potential. Still, the final verdict on the continent’s economic trajectory will be whether this prosperity becomes self-reinforcing, elevating socio-economic standards for all, and not just for the fortunate few. The future of Africa’s wealth is not just about accumulation but about inclusive growth, equity, and a shared destiny.
