Nairobi Shines with 4,200 Millionaires as Africa’s Wealth Surges

With 11,700 millionaires, Johannesburg retains the top spot as Africa’s wealthiest city, anchored by the Sandton business district and luxury residential enclaves in the up-and-coming Waterfall–Midrand area. Cape Town, ranked second with 8,500 high-net-worth individuals (HNWIs), has, however, emerged as the continent’s leader in centi-millionaires, with 35 super-wealthy residents.

The ‘Mother City’ is also Africa’s most expensive prime real estate market at USD 5,800 per m² and is on track to overtake Johannesburg in total wealth by 2030. Cairo ranks third with 6,800 HNWIs and has the highest concentration of billionaires in Africa, with five.

The report projects that Africa’s millionaire population will grow by 65% over the next decade. The continent is currently home to 25 billionaires, 348 centi-millionaires, and 122,500 millionaires, a remarkable transformation from the late 20th century, when there were only a few billionaires and many African economies were in long-term decline.

Now in its fourth year, the report, published annually by international wealth advisory firm Henley & Partners in collaboration with its global wealth intelligence partner New World Wealth, shows that private wealth markets across Africa are expanding strongly despite global headwinds, underpinned by robust economic growth. Sub-Saharan Africa’s economy is forecast to grow by 3.7% in 2025, outpacing Europe (0.7%) and the US (1.4%), with growth projected to reach 4.1% in 2026.

Dominic Volek, Group Head of Private Clients at Henley & Partners, notes that Africa’s sustained economic expansion, combined with significant growth in HNWI populations, positions the continent as a key player in the evolving global wealth landscape. “The investment migration sector is now working both ways, with African investors seeking greater global mobility and diversification, while international investors are increasingly identifying Africa as a destination for long-term, stable capital deployment.”

Following a strong year, South Africa now accounts for 34% of Africa’s millionaires, roughly equal to the next five wealthiest countries combined. With 41,100 millionaires, it leads Africa’s ‘Big Five’ wealth markets of Egypt (14,800 resident millionaires), Morocco (7,500), Nigeria (7,200), and Kenya (6,800).

Together, these countries represent 63% of the continent’s millionaires and 88% of its billionaires.
Mauritius, the sixth-wealthiest country in Africa, has recorded the continent’s strongest HNWI growth over the past decade at +63%, driven largely by political stability, tax efficiency, and a robust residence-by-investment programme. Rwanda (+48%) and Morocco (+40%) have also posted strong gains, while Nigeria’s millionaire population has contracted sharply by -47%, with Angola (-36%) and Algeria (-23%) likewise in decline.

Commenting in the report, best-selling author and leading political analyst Justice Malala says: “Africa’s story remains one of dualities. Its economic trajectory reveals resilience and promise, bolstered by institutional innovation and growing investor confidence. Yet these exist alongside deep political fractures and governance setbacks. If African leadership can harness the momentum of economic growth while tackling political dysfunction with equal resolve, the continent may yet turn this moment of paradox into one of transformation.”

Several wealth hubs have far outpaced continental averages. The Black River district in Mauritius tops the list with 105% millionaire growth over the past decade, followed by Marrakech (+67%) and South Africa’s Whale Coast (+50%). The Cape Winelands region (+42%), encompassing Stellenbosch, Franschhoek, and Paarl, continues to attract wealthy retirees and second-home buyers, supported by strong lifestyle and education credentials. Cape Town (+33%) rounds out the top five.

Looking to the future, Andrew Amoils, Head of Research at New World Wealth, observes that the increase in Africa’s millionaire population will likely be led by lifestyle destinations such as the Whale Coast, Cape Winelands, and Marrakech. “The main industries expected to drive this growth include fintech, eco-tourism, software development, green tech, e-commerce, rare metals mining, healthcare, biotech, media, entertainment, and wealth management.

With the EU and UK becoming less attractive among the global jet set, there is potential for Africa to emerge as a major destination for wealthy entrepreneurs. There are already signs of this happening, with Morocco, Mauritius, Namibia, and Seychelles all projected to see major wealth inflows this year.”

Washington’s hardening stance towards Africa is set to dominate the continent’s agenda in the year ahead, following measures introduced under the Trump administration ranging from steep tariffs and deep USAID funding cuts to the controversial deportation of convicted criminals to South Sudan and eSwatini after their home countries refused them.

In addition, President Donald Trump’s decision to ban travellers from seven African nations and impose heightened restrictions on another three looks set to expand to include an additional 26 states. This would see roughly two-thirds of Africa’s 54 nations fully or partially barred from the US, one of the most sweeping mobility restrictions in recent history.

Exclusive research published in Henley & Partners’ Global Mobility Report (January 2025), led by Prof. Mehari Taddele Maru at the Migration Policy Centre of the European University Institute, confirmed systemic visa discrimination against Africans in Europe.

While globally only one in six Schengen visa applications is rejected, one in two African applicants is turned away, a rate that has more than doubled over the past decade. The Henley Passport Power Index underscores the economic cost of this inequality, revealing how African citizens’ limited travel freedom curtails their access to global markets, talent networks, and international GDP.

In response, a growing number of affluent Africans are adopting a proactive strategy of “global positioning” by acquiring alternative residence rights and citizenships to expand business reach, secure international educational opportunities for their children, and safeguard family wealth. Henley & Partners has processed applications from investors in 23 African countries over the past 18 months, nearly double the 12 in 2020, while enquiries for investment migration options surged by 50% in 2024. South Africa and Egypt now rank among the world’s top 10 source markets.

As Grace Arthur at Henley & Partners Ghana explains: “These investors are not turning their backs on Africa, they are expanding its footprint, forging connections, and unlocking capital on a global scale.”
Portugal’s Golden Residence Permit Programme remains the top choice for African investors, followed by citizenship programmes in Grenada and Antigua and Barbuda, as well as Latvia’s Residence-by-Investment Programme.

On the inbound side, Egypt, Mauritius, and São Tomé and Príncipe are using investment migration to attract long-term foreign capital without increasing sovereign debt. São Tomé’s programme, starting at USD 90,000, channels inflows into its National Transformation Fund, including renewable energy projects to power the entire country.

Africa’s investment narrative is increasingly shaped by innovation and sustainability. Google’s recently announced USD 25 million African food security and AI initiative underscores rising global interest in funding the continent’s small and medium-sized enterprises, which account for 80% of jobs but often lack access to capital.

Commenting in the Africa Wealth Report 2025, Nontobeko Ndhlazi, Group Chief Financial Officer at WIPHOLD, highlights Africa’s demographic advantage: “Africa has the youngest population in the world, which poses a powerful advantage if properly harnessed. The full potential of this social dividend, where approximately half of Africa’s youth are women, holds immense possibilities.

African women, particularly those in rural areas, play a crucial role in the broader agricultural sector. Many have developed an inherent understanding of environmental sustainability, making them de facto environmental managers.”

With Africa generating less than 4% of global carbon emissions but suffering disproportionately from climate change impacts, there is growing scope for investment migration frameworks to fund climate adaptation and green infrastructure, such as Nauru’s Economic and Climate Resilience Citizenship Programme. Countries that integrate renewable energy, sustainable agriculture, and resilience projects into their investment migration offerings can secure both economic and environmental gains.

As Jean Paul Fabri, Chief Economist at Henley & Partners, concludes: “The rise in Africa’s millionaire class is both a signal and a test. It signals that despite challenges, wealth is being created and retained in key markets. But it also tests the continent’s ability to turn private wealth growth into a broad-based economic transformation.

For Africa, the goal is not merely to count millionaires, but to build a wealth ecosystem where prosperity is self-reinforcing, where opportunity expands, capital circulates locally, and the continent becomes not just a participant, but a leader, in the global wealth story.”

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