An IMGW News Report
Africa’s millionaire population is forecast to swell by 65% over the next decade, according to Henley & Partners’ Africa Wealth Report 2025. Today, the continent counts 25 billionaires, 348 centi-millionaires, and 122,500 millionaires — a transformation from the late 20th century, when most economies were mired in long-term decline.
The trajectory is striking against a sluggish global backdrop. Sub-Saharan GDP is expected to expand by 3.7% in 2025, compared with just 0.7% in Europe and 1.4% in the US. Growth is projected to rise further to 4.1% in 2026. Dominic Volek of Henley & Partners says Africa’s expansion, coupled with the rise in high-net-worth individuals (HNWIs), positions the continent “as a key player in the evolving global wealth landscape”.
“The goal is not merely to count millionaires, but to build a wealth ecosystem where opportunity expands, capital circulates locally, and Africa becomes not just a participant, but a leader, in the global wealth story.”
– Jean Paul Fabri, Chief Economist, Henley & Partners
Wealth Distribution: Big Five and Beyond
South Africa remains Africa’s heavyweight, accounting for 34% of all millionaires — roughly the same as the next five countries combined. Egypt, Morocco, Nigeria and Kenya round out the top five, together representing 63% of the continent’s millionaires and 88% of its billionaires. Mauritius, sixth overall, has posted the strongest growth in recent years, up 63% in a decade thanks to political stability, tax efficiency and an active residence-by-investment programme.
- South Africa – 41,100 millionaires
- Egypt – 14,800
- Morocco – 7,500
- Nigeria – 7,200
- Kenya – 6,800
- Mauritius – 6th, with fastest HNWI growth (+63%)
New Horizons? Africa’s Wealthiest Countries (2025)
Not all are gaining. Nigeria’s millionaire population has contracted by 47% over the past decade, with Angola (–36%) and Algeria (–23%) also in decline. By contrast, Rwanda (+48%) and Morocco (+40%) have recorded strong gains.
Africa’s Wealthiest Cities
Johannesburg, with 11,700 resident millionaires, remains Africa’s richest city. Its Sandton district and the up-and-coming Waterfall–Midrand corridor anchor much of this wealth. Yet Cape Town, with 8,500 millionaires, is fast closing the gap. It leads the continent in centi-millionaires (35) and boasts Africa’s most expensive prime property market, at USD 5,800 per square metre. Cairo sits third with 6,800 millionaires and five billionaires, while Nairobi, in fourth place, accounts for almost half of Kenya’s private wealth.
Africa’s Wealthiest Cities (2025)
“Africa’s story remains one of dualities. Its economic trajectory reveals resilience and promise, bolstered by institutional innovation and growing investor confidence. Yet these exist alongside deep political fractures and governance setbacks.”
– Justice Malala, a South African political analyst.
- Johannesburg – 11,700 millionaires
- Cape Town – 8,500 (leads in centi-millionaires; priciest real estate)
- Cairo – 6,800 (highest billionaire count: 5)
- Nairobi – 4,200 (nearly half of Kenya’s wealth)
Henley predicts Cape Town could overtake Johannesburg in total wealth by 2030.
Fastest-Growing Hotspots
Several regions have outpaced continental averages. Mauritius’s Black River district tops the list, with millionaire growth of 105% in the past decade. Marrakech follows with 67%, while South Africa’s Whale Coast and Cape Winelands continue to attract affluent retirees and second-home buyers. Cape Town itself has expanded its millionaire ranks by a third.
Fastest-Growing Millionaire Hotspots (Past Decade)
- Black River (Mauritius) – +105%
- Marrakech (Morocco) – +67%
- Whale Coast (South Africa) – +50%
- Cape Winelands (South Africa) – +42%
- Cape Town (South Africa) – +33%
Andrew Amoils of New World Wealth says fintech, eco-tourism, software, green tech, rare metals, and healthcare will underpin the next wave of wealth creation. With the EU and UK losing appeal, Africa may yet emerge as a destination for globally mobile entrepreneurs.
The Mobility Gap
Africa’s wealth boom is shadowed by shrinking mobility. Washington’s hardening stance, carried forward from Donald Trump’s presidency, includes extended travel bans that could eventually affect two-thirds of the continent’s states. The EU, meanwhile, rejects one in two African Schengen visa applications, compared with a global average of one in six.
The Henley Global Mobility Report, led by Prof. Mehari Taddele Maru at the European University Institute, calls this systemic discrimination that hinders Africans’ access to markets, education, and investment opportunities. The Henley Passport Power Index underlines the economic cost of such barriers.
Affluent Africans are responding by acquiring alternative residencies and citizenships. Demand surged 50% in 2024, with South Africa and Egypt now among the world’s top ten source markets for investment migration. Portugal’s Golden Residence Permit Program remains the most popular, followed by Grenada, Antigua and Barbuda, and Latvia.
Inbound Investment Migration
The flows are not one-way. Egypt, Mauritius, and São Tomé and Príncipe have introduced programmes to attract foreign capital. São Tomé’s scheme, with entry at USD 90,000, channels funds into renewable energy and infrastructure. Such frameworks, if well governed, could both deepen capital markets and fund climate resilience — crucial for a continent that generates under 4% of global emissions yet suffers disproportionately from climate change. The Nauru Economic and Climate Resilience Citizenship Program is cited as an emerging model.
Africa’s Promise and Its Test
Justice Malala, a South African political analyst, captures the paradox neatly: “Africa’s story remains one of dualities. Its economic trajectory reveals resilience and promise, bolstered by institutional innovation and growing investor confidence. Yet these exist alongside deep political fractures and governance setbacks.”
For Nontobeko Ndhlazi of WIPHOLD, the continent’s youngest-in-the-world demographics are a hidden advantage, particularly if women’s contribution in agriculture and sustainability can be unlocked.
Jean Paul Fabri, Henley’s chief economist, adds a note of caution: the rise in millionaires is both signal and test. It signals new prosperity but tests whether wealth can be converted into broad-based development. “The goal is not merely to count millionaires,” he argues, “but to build a wealth ecosystem where opportunity expands, capital circulates locally, and Africa becomes not just a participant, but a leader, in the global wealth story.”
