Africa’s USD Millionaires to Grow by 65% Over Next Decade
TLDR
- Africa’s millionaire population is projected to grow by 65% over the next decade, according to the latest Africa Wealth Report
- The continent is emerging as a new frontier in global wealth growth, with high-net-worth populations expanding faster than in most developed regions
- The continent now counts 25 billionaires, 348 centi-millionaires, and 122,500 millionaires. South Africa leads with 41,100 millionaires
Africa’s millionaire population is projected to grow by 65% over the next decade, according to the latest Africa Wealth Report by Henley & Partners and New World Wealth.
The continent is emerging as a new frontier in global wealth growth, with high-net-worth populations expanding faster than in most developed regions. Sub-Saharan Africa is expected to grow 3.7% in 2025 and 4.1% in 2026, outpacing the U.S. and Europe.
The continent now counts 25 billionaires, 348 centi-millionaires, and 122,500 millionaires. South Africa leads with 41,100 millionaires, followed by Egypt (14,800), Morocco (7,500), Nigeria (7,200), and Kenya (6,800). Mauritius has recorded 63% millionaire growth over the past decade, while Morocco added 40%. By contrast, Nigeria’s millionaire population declined 47% and South Africa fell 6%.
Wealth hubs are shifting. Mauritius’ Black River region saw 105% growth in resident millionaires, while Marrakech expanded 67% and South Africa’s Cape Whale Coast gained 50%. These shifts are increasingly tied to investment migration, with programs in Mauritius, Egypt, and São Tomé and Príncipe attracting foreign capital into local projects.
Applications from African investors are also rising. Henley & Partners received enquiries from 23 African countries in the past 18 months, up from 12 in 2020. South Africa and Egypt now rank among the top 10 globally for residence and citizenship requests.
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Key Takeaways
Africa’s wealth trajectory is reshaping capital flows. Investment migration is no longer just about African investors seeking options abroad; global investors are now targeting Africa. Mauritius demonstrates the impact: its residence program has supported its surge in millionaires. Egypt’s citizenship program, starting at $250,000, and São Tomé’s $90,000 entry-level offer show how governments are using these schemes to raise development capital without adding debt. Technology and climate change are becoming central to these flows. Google’s $25 million fund for African food security highlights rising tech commitments, while climate-linked investment migration could channel foreign money into renewable energy and sustainable infrastructure. The AfCFTA could lift 30 million people out of poverty and boost incomes by $450 billion by 2035, and investment migration frameworks could accelerate that outcome. For African policymakers, the task is clear: build credible, stable programs that retain local wealth while attracting long-term global capital.
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