Lisa Mugo
Africa is now home to over 135,200 dollar millionaires, according to the newly released Africa Wealth Report 2025 by global investment migration firm Henley & Partners in partnership with New World Wealth.
The continent’s wealthiest individuals collectively hold an estimated $2.5 trillion in investable assets, reflecting a gradual but resilient growth despite economic challenges across several regions.
South Africa remains the continent’s wealth powerhouse, hosting 37,000 millionaires, 102 centi-millionaires (those worth over $100 million), and five billionaires.
The country’s strength lies in its diversified economy, deep capital markets, and long-established industries such as mining, financial services, and real estate.
However, the report also claims that South Africa’s share of the continent’s total wealth has been gradually declining as new markets rise.
Egypt follows closely behind, with a large number of individuals employed in construction, manufacturing, telecommunications, and retail. Cairo remains one of Africa’s wealthiest cities, bolstered by large family-run conglomerates such as the Orascom and Mansour groups.
Morocco comes in third place with over 7500 millionaires in the country. The nation has seen a 40% increase in millionaires in the last decade, thanks to strong economic stability, booming tourism, luxury real estate, and expanding sectors like fintech and green energy. Morocco is also home to 35 centi-millionaires and 3 billionaires.
Nigeria, long considered Africa’s largest economy by GDP, sits in fourth place, with thousands of millionaires and several centi-millionaires led by business gurus like Aliko Dangote who is Africa’s wealthiest person, and the world’s wealthiest person of African descent.
Kenya holds East Africa’s top spot, with about 6,800 dollar millionaires and 16 centi-millionaires. The country’s strong banking sector, thriving real estate market, and growing tech ecosystem have positioned Nairobi as one of Africa’s fastest-growing wealth cities.
Mauritius has emerged as a wealth magnet, with favorable tax policies, political stability, and a robust financial services sector with around 4,800 millionaires.
Algeria, Ghana, Namibia, and Ethiopia follow closely behind with around 2,400- 2700 millionaires. Henley & Partners projects that Africa’s millionaire population could increase by 65% over the next ten years, with the fastest growth expected in countries like Mauritius, Namibia, Morocco, Zambia, Kenya, and Rwanda.
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