Keypoints:
- Millionaires set to rise 65% by 2035
- South Africa leads but Cape Town gaining
- Report warns inequality is deepening
AFRICA’S millionaire population is forecast to jump by 65 percent over the next decade, according to the Africa Wealth Report 2025 published by international advisory firm Henley & Partners.
The continent currently counts 122,500 millionaires, 348 centi-millionaires — those with personal wealth above $100m — and 25 billionaires. While this growth signals optimism for Africa’s economic future, it also underscores stark imbalances between regions and within societies.
Africa’s wealth in numbers
(Source: Henley & Partners, 2025)
- 25 billionaires
- 348 centi-millionaires ($100m+)
- 122,500 millionaires
- 41,100 millionaires in South Africa alone
- 8,500 millionaires in Cape Town
- 6,800 millionaires in Cairo
- 4,200 millionaires in Nairobi
Growth outpaces Europe and the US
Sub-Saharan Africa’s economy is projected to expand by 3.7 percent in 2025, accelerating to 4.1 percent in 2026. These rates far exceed the sluggish growth predicted for Europe (0.7 percent) and the United States (1.4 percent).
This divergence highlights Africa’s resilience and its potential to become a driver of global growth. Henley & Partners emphasised that wealth creation is being fuelled by investments in technology, real estate, energy and financial services, sectors that are increasingly integrated into global value chains.
But beneath the headline numbers lies a more uneven story. While some countries and cities are powering ahead, others are losing ground, reflecting challenges of political instability, weak institutions and capital flight.
South Africa still on top
South Africa remains Africa’s largest wealth hub, accounting for 34 percent of the continent’s millionaires — equal to the combined total of the next five wealthiest nations. The country is home to 41,100 millionaires, well ahead of its peers.
It leads Africa’s ‘Big Five’ wealth markets, alongside Egypt (14,800 millionaires), Morocco (7,500), Nigeria (7,200) and Kenya (6,800). Together, these five countries account for nearly two-thirds of the continent’s millionaire population and almost nine in ten of its billionaires.
Yet, not all members of the club are thriving. Nigeria’s millionaire population has contracted sharply, falling by 47 percent in recent years. Angola and Algeria have also seen declines, signalling how oil dependency and governance challenges can erode private wealth.
Cape Town challenges Johannesburg
On a city level, Johannesburg remains Africa’s richest city with 11,700 millionaires. But it faces growing competition from Cape Town.
Cape Town, home to 8,500 millionaires, has emerged as the continent’s leading hub for centi-millionaires, hosting 35 individuals with wealth above $100m. It is also Africa’s most expensive prime real estate market, with prices averaging $5,800 per square metre.
The Africa Wealth Report predicts Cape Town could overtake Johannesburg in total private wealth by 2030. The city’s mix of lifestyle appeal, strong property market and status as a tourism magnet has helped it attract ultra-wealthy individuals both locally and internationally.
Cairo and Nairobi rising
Cairo, with 6,800 millionaires, ranks third overall but has the highest concentration of billionaires of any African city. This reflects Egypt’s role as a regional hub for manufacturing, energy and trade.
Nairobi, with 4,200 millionaires, anchors East Africa’s wealth landscape. Nearly half of Kenya’s private wealth is concentrated in the city, boosted by its fast-growing technology sector and financial services.
Analysts see Nairobi as a rising force, with the potential to rival North African hubs if political and economic reforms can sustain investor confidence.
A tale of two Africas
While the surge in millionaire numbers signals dynamism, it also throws Africa’s inequality into sharper relief. Rapid wealth creation has not translated into broad-based prosperity for most Africans, where poverty and unemployment remain persistent.
Economists warn that unless governments create enabling environments for inclusive growth, the continent risks entrenching a small elite while leaving the majority behind.
Henley & Partners noted that policies encouraging local entrepreneurship, infrastructure investment, and diversified economies will be key to spreading wealth more evenly. Without such measures, Africa’s wealth expansion could deepen divides rather than bridge them.
What it means for investors
The report highlights Africa as one of the fastest-growing wealth regions globally, attracting attention from international investors. But opportunities are not evenly spread.
South Africa, Egypt, Morocco, Kenya and increasingly Mauritius are viewed as safe havens for wealth. In contrast, countries struggling with political instability or overdependence on commodities are witnessing an erosion of private wealth.
For global investors, this divergence offers both risk and opportunity: markets such as Cape Town, Cairo and Nairobi are set to expand, while others may stagnate.
Outlook to 2035
By 2035, Africa’s millionaire class could reach nearly 202,000 individuals if projections hold. But the more pressing question is whether this wealth can be leveraged for broader development.
If channelled into infrastructure, education and industry, Africa’s growing pool of private wealth could accelerate the continent’s emergence as a major economic bloc. If not, it risks becoming a mirror of entrenched inequality.
As one wealth analyst cited in the Africa Wealth Report noted: ‘Africa’s wealth story is one of resilience and opportunity, but also of fragility. The next decade will determine whether this becomes a story of shared prosperity, or of an elite few.’
