Key points
- Africa now counts 25 billionaires and 122,500 millionaires.
- South Africa leads, but Mauritius and Morocco are fast climbers.
- Africa’s investment migration fuels growth and attracts global capital.
Africa’s wealth landscape is shifting, with more billionaires and millionaires than ever before. According to the Africa Wealth Report 2025 by Henley & Partners and New World Wealth, the continent now has 25 billionaires, 348 centi-millionaires—those with fortunes of $100 million or more—and 122,500 millionaires.
The billionaire count rose from 22 last year to 25, boosted by strong stock market gains. Among the newest entrants are Malawian banker Thom Mpinganjira and Egyptian real estate tycoon Hisham Talaat Moustafa, whose companies’ share prices pushed them above the $1 billion mark.
Sub-Saharan Africa’s growth outlook remains a bright spot compared with global peers, with a forecast of 3.7 percent in 2025. That is far ahead of Europe’s 0.7 percent and the United States’ 1.4 percent.
Analysts say Africa’s expanding private wealth and diversified investment channels are making it a stronger global player.
South Africa leads, but new wealth hubs emerge
South Africa remains the top country for millionaires, with 41,100 individuals. It is followed by Egypt, Morocco, Nigeria, and Kenya. Yet the real momentum is in new hubs.
According to a report by Billionaires.Africa, Mauritius has seen its millionaire population rise 63 percent over the past decade, while Morocco has gained 40 percent. By contrast, South Africa’s millionaire numbers have fallen 6 percent and Nigeria’s nearly halved.
Cities offering stability, high living standards, and strong investment opportunities are driving the change. Mauritius’ Black River region has more than doubled its millionaire count in 10 years, while Marrakech has grown 67 percent.
Cape Town, despite South Africa’s overall decline, has seen a 33 percent increase and now has the continent’s highest property prices at $5,800 per square meter.
Africa’s investment migration fuels growth
Investment migration is becoming a key driver of Africa’s wealth expansion. South Africa and Egypt now rank among the world’s top 10 destinations for residence and citizenship applications.
Mauritius and São Tomé and PrÃncipe have also introduced programs directing investor funds into renewable energy and infrastructure projects.
Applications from Africans seeking residency abroad rose 50 percent in 2024, with Portugal and Caribbean nations among the most popular destinations. At the same time, Africa itself is becoming attractive to investors.
Mauritius’ residence-by-investment scheme has supported its millionaire boom, while Egypt’s program—starting at $250,000—has pulled in global interest.
Beyond finance, technology and climate initiatives are shaping Africa’s economic future. Google recently launched a $25 million food security and artificial intelligence program to support small and medium-sized enterprises.
Other investment funds are targeting renewable energy and climate resilience projects to reduce risks while fueling growth.
With 25 billionaires and a growing millionaire base, Africa is emerging as a central player in global wealth creation. The shift reflects not only personal fortunes but also the continent’s rising role in the flow of global capital.
