Africa’s private wealth landscape is undergoing a profound transformation, quietly reshaping the global distribution of prosperity. The newly released Africa Wealth Report 2025 by Henley & Partners in collaboration with New World Wealth reveals that the continent’s millionaire population is projected to expand by 65% over the next decade, positioning Africa as one of the fastest-growing wealth regions globally.
The continent currently counts 25 billionaires, 348 centi-millionaires, and 122,500 millionaires, a figure that would have been unthinkable a few decades ago, when much of Africa grappled with structural economic decline. Despite global volatility, private wealth across African economies continues to rise, driven by innovation, entrepreneurship, and deepening intra-African investment.
According to the report, Sub-Saharan Africa’s economy is expected to grow by 3.7% in 2025, outpacing Europe (0.7%) and the United States (1.4%), with growth projected to reach 4.1% in 2026. These figures highlight a structural shift, reflecting stronger domestic industries, increased infrastructure investment, and expanding trade integration.
Dominic Volek, Group Head of Private Clients at Henley & Partners, notes that Africa’s sustained growth and expanding high-net-worth individual (HNWI) population are reshaping the global wealth landscape. “The investment migration sector is now reciprocal,” he remarks. “African investors seek greater mobility and diversification, while international investors increasingly see Africa as a destination for stable, long-term capital deployment.”
South Africa remains the wealthiest nation on the continent, accounting for 34% of Africa’s millionaires—approximately 41,100 individuals. It leads Africa’s “Big Five” wealth markets alongside Egypt (14,800), Morocco (7,500), Nigeria (7,200), and Kenya (6,800). Together, these five countries represent 63% of Africa’s millionaires and 88% of its billionaires.
Mauritius continues to demonstrate resilience and stability, recording a 63% increase in HNWIs over the past decade, supported by political continuity, favourable tax structures, and a residence-by-investment programme that attracts international investors. Rwanda (+48%) and Morocco (+40%) also report significant gains, while Nigeria (-47%), Angola (-36%), and Algeria (-23%) have seen contractions, underscoring regional disparities in wealth creation.
At city level, Johannesburg retains its position as Africa’s wealthiest metropolis, home to 11,700 millionaires, anchored by Sandton and the fast-developing Waterfall–Midrand corridor. Cape Town, in second place with 8,500 HNWIs, has emerged as the continent’s leading city for centi-millionaires and boasts Africa’s highest prime property prices at USD 5,800 per m². It is forecast to overtake Johannesburg in total wealth by 2030. Cairo, with 6,800 millionaires, remains Africa’s hub for billionaires, while Nairobi, with 4,200 millionaires, continues to serve as East Africa’s economic anchor.
Political analyst Justice Malala, commenting in the report, describes Africa’s wealth narrative as “a story of resilience amid complexity”. He cautions that progress remains fragile without governance reforms: “If African leadership can match its economic dynamism with political innovation, the continent may yet turn this moment of paradox into one of transformation.”
Among the fastest-growing wealth hubs, Mauritius’ Black River district (+105%), Marrakech (+67%), and South Africa’s Whale Coast (+50%) stand out. The Cape Winelands region (+42%), encompassing Stellenbosch, Franschhoek, and Paarl, remains a magnet for investors and second-home buyers drawn by its educational excellence and lifestyle appeal.
According to Andrew Amoils, Head of Research at New World Wealth, Africa’s wealth expansion will likely be driven by “lifestyle destinations” and innovation-intensive sectors such as fintech, eco-tourism, green technology, biotech, media, and wealth management. With many global investors viewing Europe and the UK as increasingly saturated markets, Africa’s relative openness and growth potential are gaining new significance.
However, this momentum is shadowed by widening inequality in global mobility. Research from Henley & Partners’ Global Mobility Report 2025 revealed systemic visa discrimination against African citizens. Led by Prof. Mehari Taddele Maru of the European University Institute, the study found that while globally one in six Schengen visa applications is rejected, one in two African applicants is denied — a figure that has doubled in ten years.
In response, many affluent Africans are pursuing investment migration options to secure greater business access, educational opportunities, and family security. Over the past 18 months, Henley & Partners processed applications from investors in 23 African countries, nearly doubling from 2020 levels. The most sought-after options remain Portugal’s Golden Residence Permit, and citizenship programmes in Grenada, Antigua and Barbuda, and Latvia.
On the inbound side, countries such as Egypt, Mauritius, and São Tomé and Príncipe have introduced residence-by-investment frameworks to attract sustainable capital. São Tomé’s initiative, beginning at USD 90,000, directs investment towards its National Transformation Fund, supporting renewable energy and national electrification projects.
Africa’s investment narrative is increasingly intertwined with innovation, sustainability, and demographic advantage. Google’s USD 25 million Africa Food Security and AI initiative underscores international interest in supporting African small and medium enterprises (SMEs), which generate approximately 80% of jobs across the continent. As Nontobeko Ndhlazi, Group CFO of WIPHOLD, observes, “Africa’s youthful population, where nearly half are women, is its greatest untapped resource. Women, especially in rural economies, already serve as environmental stewards linking productivity with ecological balance.”
Although Africa contributes less than 4% of global carbon emissions, it bears a disproportionate burden of climate risk. By integrating climate adaptation and renewable energy into investment migration frameworks — akin to Nauru’s Economic and Climate Resilience Citizenship Programme — African nations can achieve both economic and environmental resilience.
As Dr Jean Paul Fabri, Chief Economist at Henley & Partners, concludes, “The rise of Africa’s millionaire class is both a signal and a test. It signals wealth creation and retention, but tests whether private prosperity can translate into collective transformation. For Africa, success will depend not on counting millionaires, but on creating a wealth ecosystem where opportunity is inclusive, capital circulates locally, and prosperity endures.”
