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Africa’s Remarkable Economic Growth: The Rise of Wealth Hubs

In the latest Africa Wealth Report 2025, it has been revealed that Africa is poised to exceed global growth, particularly in its affluent sectors. The report indicates that the continent’s population of millionaires is expected to increase by a significant 65% over the next decade. Currently, Africa boasts 25 billionaires, 348 centimillionaires, and an impressive 122,500 millionaires. By 2025, the Sub-Saharan economy is forecasted to grow by 3.7%, dwarfing growth rates in Europe and the United States, which are projected at 0.7% and 1.4% respectively.

Expanding Wealth Markets

The report highlights the burgeoning private wealth markets in Africa. According to Dominic Volek, Group Head of Private Clients at Henley Partners, the investment migration sector operates in both directions. African investors are increasingly seeking broader mobility and worldwide diversification while global investors are increasingly recognizing Africa as a stable, long-term investment destination.

Wealth Concentration in Top African Nations

As of now, South Africa accounts for 34% of Africa’s millionaires, rivalling the collective number from the five next wealthiest nations. Leading the continent, South Africa has 41,100 millionaires, followed by Egypt (14,800), Morocco (7,500), Nigeria (7,200), and Kenya (6,800). Together, these countries consist of 63% of Africa’s millionaires and 88% of its billionaires.

Mauritius, the sixth-most affluent nation, has demonstrated the highest growth rate of high-net-worth individuals (HNWI) on the continent at 63% over the past decade. Other countries such as Rwanda and Morocco have also made marked gains, showing growth rates of 48% and 40% respectively. Conversely, Nigeria has seen a drastic decline in its millionaire population by 47%, a stark contrast to the upward trajectory embraced by other nations.

At the city level, Johannesburg retains its status as Africa’s wealthiest city, housing 11,700 millionaires. Meanwhile, Cape Town, second in wealth, leads the continent in the number of centimillionaires, boasting 35 ultra-high-net-worth individuals. Notably, Cape Town features the most expensive luxury real estate market in Africa, averaging $5,800 per square meter, and is on track to surpass Johannesburg’s overall wealth by 2030. Cairo holds the third position with 6,800 high-net-worth individuals and the highest concentration of billionaires in Africa, while Nairobi, the economically vibrant capital of East Africa, ranks fourth with 4,200 millionaires.

Challenges in Mobility and Investment

However, as Africa's economic growth accelerates, mobility restrictions are increasingly coming into play. The U.S. government's tightening stance toward Africa is set to shape the continent's international relationships for the coming year, exacerbating issues created under the previous administration, such as higher tariffs and funding cuts to USAID. Notably, travel bans affecting several African nations highlight a growing pattern of exclusion from global avenues.

Recent research featured in the 2025 Global Mobility Report from Henley Partners has shed light on systemic visa discrimination faced by Africans in Europe, revealing that while only one in six global Schengen visa applications is rejected, the figure drastically increases to one in two for African applicants. This significant disparity, more than doubling over the past ten years, points to heightened barriers for African investors seeking opportunities abroad.

In response to these challenges, many affluent Africans are taking a proactive approach to ‘global positioning’. This involves securing alternative residency rights and citizenships as a means of broadening business horizons and safeguarding family legacies. Henley Partners has reported a surge in inquiries regarding investment migration options, nearly doubling since 2020, with substantial interest from South Africa and Egypt, now recognized among the world’s top ten outbound markets for investment migration.

As Grace Arthur from Henley Partners Ghana succinctly states, “These investors are not abandoning Africa; rather, they are expanding their footprints, forging connections, and unlocking capital on a global scale.”

The Africa Wealth Report 2025 serves as a beacon of optimism for the continent, illuminating the expansive growth potential in wealth creation and investment amidst the challenges of global mobility.

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