Africa's Wealth Surge: A New Era for Millionaires and Investment Growth

The latest Africa Wealth Report 2025 has unveiled a remarkable projection: the continent's millionaire population is expected to grow by an astonishing 65% over the next decade. This rapid increase highlights a shift in wealth dynamics as new centers of wealth emerge across Africa. Currently, Africa boasts 25 billionaires, 348 centi-millionaires, and 122,500 millionaires, revealing a burgeoning class of high net worth individuals that is reshaping the financial landscape.

Economic Growth Outpacing Global Trends

The report notes that the economy of Sub-Saharan Africa is on course to grow by 3.7% in 2025. This growth rate is expected to exceed that of Europe (0.7%) and the United States (1.4%). As 2026 approaches, the growth projection climbs even higher to 4.1%. According to Dominic Volek, Group Head of Private Clients at Henley Partners, the dynamics of investment migration are evolving. Investors from Africa are seeking greater mobility and diversification worldwide, while international investors are increasingly recognizing Africa as a stable long-term capital deployment destination.

Insights into Africa's Wealth Distribution

The figures on wealth distribution reveal that South Africa alone holds 34% of Africa's millionaires, equivalent to the combined total of the next five wealthiest nations. South Africa leads with 41,100 millionaires, followed by Egypt with 14,800, Morocco with 7,500, Nigeria with 7,200, and Kenya with 6,800 millionaires. Together, these nations represent 63% of the continent's millionaires and a staggering 88% of its billionaires.

Mauritius stands out as the sixth wealthiest country in Africa, registering the most significant growth in high-net-worth individuals (HNWI) with an impressive 63% increase over the past decade. Other countries such as Rwanda (48%) and Morocco (40%) have also experienced substantial growth in this demographic, although Nigeria has faced a contraction of 47%, and both Angola and Algeria have seen declines of 36% and 23%, respectively.

Richest Cities in Africa

Johannesburg maintains its status as Africa's wealthiest city, home to 11,700 HNWIs. Cape Town closely follows, with 8,500 affluent residents and has emerged as the continent's leader in centi-millionaires with 35 individuals. Its real estate market is now recognized as the most expensive in Africa, commanding a staggering $5,800 per square meter, potentially allowing it to surpass Johannesburg in total wealth by 2030.

Cairo holds the third position, with 6,800 HNWIs and the distinction of having the highest concentration of billionaires on the continent at five individuals. Nairobi, recognized as the economic powerhouse of East Africa, ranks fourth with 4,200 millionaires, representing nearly half of Kenya's total private wealth.

Navigating the Mobility Challenges

Despite these positive indicators, the report also discusses the growing challenges posed by international mobility restrictions, particularly under Washington's tightening stance towards Africa. New travel measures initiated by the Trump administration, including stringent tariffs, significant budget cuts for USAID, and the deportation of convicted criminals, could restrict access for citizens of numerous African nations. An estimated two-thirds of Africa’s 54 countries might face partial or total access bans to the U.S., leading to what might become one of the most substantial mobility restrictions in recent history.

Additionally, a recent study from Henley Partners highlights systemic visa discrimination against African applicants in Europe. While the global rejection rate for Schengen visa applicants stands at one in six, African applicants face a staggering rejection rate of one in two. This inequity is further exacerbated by escalating global mobility issues for Africans, prompting many wealthy individuals to seek alternative residency and citizenship options to expand their business operations and educational opportunities for their families. Henley Partners reported a surge in investment migration inquiries, with requests nearly doubling in eighteen months.

As Grace Arthur from Henley Partners in Ghana elucidates, African investors are not abandoning their homeland; they are, instead, extending their footprint globally, solidifying connections and unlocking access to international capital.

Conclusion

The Africa Wealth Report 2025 presents a dynamic and complex portrait of the continent as it navigates impressive economic growth and emerging opportunities alongside significant mobility challenges. As more Africans join the ranks of billionaires and millionaires, the narrative of investment and wealth in Africa continues to evolve, positioning the continent on the global stage as both a beacon of hope and a landscape marked by challenges that need careful navigation.