Millionaires from 4 nations account for more than half of Africa’s wealthy

Africa’s wealth is increasingly being concentrated in just a handful of countries, with South Africa, Egypt, Morocco, and Nigeria together accounting for more than half of the continent’s 122,500 millionaires and 348 centi-millionaires.

According to the Africa Wealth Report 2025, published by Henley & Partners in collaboration with New World Wealth, these four nations now host 70,600 millionaires and 216 centi-millionaires — 51.7 percent of Africa’s millionaires and 56.3 percent of its centi-millionaires. The report highlights both the growth and fragility of wealth across the continent, where fortunes are being built in some markets even as they shrink in others.

Wealth patterns in South Africa, Egypt, Morocco, Nigeria

South Africa remains at the top with 41,100 millionaires and 11 centi-millionaires, though the number has slipped 6 percent over the past decade. Political uncertainty, sluggish growth and rising emigration have all weighed on its wealthy population. Even so, Cape Town stands out. The city has grown its millionaire base by a third in ten years and now holds Africa’s most expensive property market, with prices above $5,800 per square meter. Cape Town’s rise shows that wealth can still concentrate in pockets, even when the national economy struggles.

Egypt follows in second place with 14,800 millionaires and 49 centi-millionaires. Its gains are tied to large-scale infrastructure projects, a thriving real estate sector and the rollout of a citizenship-by-investment program starting at $250,000. Together, these efforts have turned Egypt into one of the continent’s most attractive destinations for both local and foreign investors. Morocco is not far behind with 7,500 millionaires and 35 centi-millionaires, up 40 percent in ten years. Marrakech has led much of that growth, with a 67 percent jump in wealthy residents, reinforcing the city’s role as a magnet for capital and lifestyle investment.

Nigeria tells a different story. Africa’s biggest economy counts 7,200 millionaires and 20 centi-millionaires, nearly half the figure from a decade ago. A weak currency, capital flight and gaps in infrastructure have drained the ranks of its wealthy. Yet Lagos remains a bright spot — a city where finance, technology, and energy continue to attract fresh fortunes. Despite national challenges, Nigeria’s entrepreneurs still find ways to build businesses and create new wealth.

Banking roots deep in African wealth

Across the continent, the industries fueling wealth remain varied but familiar. Banking and finance dominate in South Africa and Nigeria, while construction and real estate drive much of the expansion in Egypt and Morocco. Technology, telecommunications and natural resources continue to add to the mix, reflecting both the persistence of traditional industries and the growing role of newer ones.

Migration is also playing an important part in how Africa’s wealthy manage their futures. South Africa and Egypt rank among the most sought-after destinations globally for residence and citizenship, while smaller states such as Mauritius and São Tomé and Príncipe are attracting investors through programs tied to renewable energy and infrastructure. Applications from wealthy Africans for alternative residence or citizenship rose by 50 percent in 2024, with Mauritius and Egypt emerging as notable favorites alongside Portugal and the Caribbean.

Kenya and Mauritius emerge as hubs

While South Africa, Egypt, Morocco, and Nigeria still dominate the wealth charts, other centers are gaining ground. Kenya, with 6,800 millionaires, is positioning itself as the continent’s fifth heavyweight, and Mauritius is building a reputation as a safe, stable haven for high-net-worth individuals. The African Continental Free Trade Area, expected to add $450 billion in income by 2035, could accelerate these shifts. The continent’s next chapter will likely be defined by the balance between entrenched strongholds of wealth and the rise of new hubs.