LONDON, Aug. 26, 2025 /PRNewswire/ — Africa’s millionaire population is projected to grow by 65% over the next decade, according to the Africa Wealth Report 2025. The continent is currently home to 25 billionaires, 348 centi-millionaires, and 122,500 millionaires — with Sub-Saharan Africa’s economy forecast to grow by 3.7% in 2025 — outpacing Europe (0.7%) and the US (1.4%) — with growth projected to reach 4.1% in 2026.
Now in its 4th year, the report published annually by international wealth advisory firm Henley & Partners in collaboration New World Wealth shows that private wealth markets across Africa are expanding strongly despite global headwinds.
Dominic Volek, Group Head of Private Clients at Henley & Partners, says “the investment migration sector is now working both ways, with African investors seeking greater global mobility and diversification while international investors are increasingly identifying Africa as a destination for long-term, stable capital deployment.”
Africa’s Wealthiest Countries and Cities
Following a strong past year, South Africa now accounts for 34% of Africa’s millionaires — roughly equal to the next five wealthiest countries combined — and with 41,100 millionaires, it leads Africa’s Big 5 wealth markets of Egypt (14,800 resident millionaires), Morocco (7,500), Nigeria (7,200), and Kenya (6,800), which together represent 63% of the continent’s millionaires and 88% of its billionaires.
Mauritius, the 6th wealthiest country in Africa, has recorded the continent’s strongest HNWI growth over the past decade at +63%. Rwanda (+48%) and Morocco (+40%) have also posted strong gains, while Nigeria’s millionaire population has contracted sharply by -47%, with Angola (-36%) and Algeria (-23%) likewise in decline.
At the city level, with 11,700 resident millionaires, Johannesburg holds onto the top spot as Africa’s wealthiest city. However, Cape Town, placed 2nd with 8,500 HNWI, has emerged as the continent’s leader in centi-millionaires, with 35 super wealthy individuals calling it home. The ‘Mother City’ is also Africa’s most expensive prime real estate market at USD 5,800 per m² and is on track to overtake Johannesburg in total wealth by 2030. Cairo ranks 3rd with 6,800 HNWI and has the highest concentration of billionaires in Africa, with 5 in residence, while East Africa’s economic powerhouse Nairobi in 4th place has 4,200 millionaires, accounting for almost half of Kenya’s total private wealth.
Africa’s Mobility Gap Widens
Washington’s hardening stance towards Africa is set to dominate the continent’s agenda in the year ahead, following measures introduced under the Trump administration ranging from steep tariffs and deep USAID funding cuts to the controversial deportation of convicted criminals to South Sudan and eSwatini. In addition, President Donald Trump’s decision to ban travelers from seven African nations and impose heightened restrictions on another three looks set to expand to include an additional 26 states. This would see roughly two-thirds of Africa’s 54 nations fully or partially barred from the US — one of the most sweeping mobility restrictions in recent history.
Exclusive research published in Henley & Partners’ January 2025 Global Mobility Report confirmed systemic visa discrimination against Africans in Europe. Led by Prof. Mehari Taddele Maru at the Migration Policy Centre at the European University Institute, the study found that while globally only one in six Schengen visa applications is rejected, one in two African applicants is turned away — a rate that has more than doubled over the past decade. The Henley Passport Power Index underscores the economic cost of this inequality.
In response, a growing number of affluent Africans are adopting a proactive strategy of “global positioning” by acquiring alternative residence rights and citizenships as a tool to expand business reach, secure international educational opportunities for their children, and safeguard family wealth. Henley & Partners has processed applications from investors in 23 African countries over the past 18 months, nearly double the 12 in 2020, while enquiries for investment migration options surged by 50% in 2024. South Africa and Egypt now rank among the world’s top 10 source markets. As Grace Arthur at Henley & Partners Ghana explains, “These investors are not turning their backs on Africa — they are expanding its footprint, forging connections, and unlocking capital on a global scale.”
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