Africa’s millionaire population is projected to grow by 65% over the next 10 years, a move which will position the continent as a new frontier for global wealth creation.
This is according to the Africa Wealth Report 2025 by Henley & Partners and New World Wealth.
Sub-Saharan Africa is expected to record economic growth of 3.7% in 2025 and 4.1% in 2026, outpacing the U.S. and Europe. This expansion is driving the rise of high-net-worth individuals (HNWIs) across the region.
Currently, Africa is home to 25 billionaires, 348 centi-millionaires, and 122,500 millionaires. South Africa leads the rankings with 41,100 millionaires, followed by Egypt (14,800), Morocco (7,500), Nigeria (7,200), and Kenya (6,800).
The shifts, however, are uneven. Mauritius has seen millionaire numbers climb 63% in the past decade, while Morocco added 40%. By contrast, Nigeria’s millionaire population shrank by 47%, and South Africa’s dipped 6%.
Emerging wealth hubs are also redrawing the map, where Mauritius’ Black River region recorded a 105% jump in resident millionaires, while Marrakech grew 67%, and South Africa’s Cape Whale Coast surged 50%.
One of the strongest drivers of this transformation is investment migration. Countries such as Mauritius, Egypt, and São Tomé and Príncipe are using residence and citizenship programs to attract foreign capital into local development projects.
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Demand from African investors is also rising. Henley & Partners reported enquiries from 23 African countries in the last 18 months, up from 12 in 2020.
South Africa and Egypt are now among the top 10 global markets for residence and citizenship requests.
For global investors, Africa is increasingly attractive. Mauritius’ residence program, for instance, has underpinned its wealth boom, while Egypt’s citizenship program—starting at $250,000—and São Tomé’s entry-level $90,000 option illustrate how governments are raising development capital without taking on debt.
Beyond finance, technology and climate change are shaping capital flows. Google’s $25 million fund for African food security signals growing tech investment, while climate-linked migration programs could channel funds into renewable energy and sustainable infrastructure.
African Continental Free Trade Area (AfCFTA) could lift 30 million people out of poverty and increase incomes by $450 billion by 2035. Well-structured investment migration frameworks could accelerate this impact by retaining local wealth and attracting long-term foreign capital.
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