According to the Africa Wealth Report 2025, Africa’s millionaire population is projected to grow by 65% over the next decade. The continent currently has 122,500 millionaires, with Sub-Saharan Africa’s economy projected to grow by 3.7% in 2025, which is faster than Europe and the US.
South Africa leads the continent with 41,100 millionaires, accounting for 34% of Africa’s total millionaire population. The nation is followed by Egypt, Morocco, Nigeria, and Kenya, which are considered Africa’s “Big 5” wealth markets.
These five countries collectively hold 63% of the continent’s millionaires. Mauritius has seen the most significant growth in its high-net-worth individual population, increasing by 63% over the past decade.
In contrast, Nigeria’s millionaire population has sharply contracted by 47%. At the city level, Johannesburg is Africa’s wealthiest city with 11,700 resident millionaires.
Cape Town follows, with 8,500 high-net-worth individuals, but it leads in centi-millionaires (individuals with $100 million or more in investable wealth). It is projected to surpass Johannesburg in total wealth by 2030.
Cairo is third and has the highest concentration of billionaires in Africa, with five residing there. The report highlights a growing “mobility gap” for Africans, with Washington’s stance toward the continent hardening.
The Trump administration introduced measures like steep tariffs and funding cuts, and a planned expansion of travel bans could see roughly two-thirds of Africa’s 54 nations partially or fully barred from the US. A study in the Global Mobility Report confirmed systemic visa discrimination against Africans in Europe, showing that while globally one in six Schengen visa applications is rejected, one in two African applicants is turned away.
This has more than doubled over the past decade. In response, a growing number of wealthy Africans are actively acquiring alternative residence rights and citizenships, a practice known as “global positioning.”
This strategy helps them expand business reach, secure educational opportunities, and safeguard family wealth. Enquiries for these options surged by 50% in 2024, with South Africa and Egypt now ranking among the world’s top 10 source markets for investment migration.