At a Glance
- South Africa, Egypt, Morocco, Nigeria, and Kenya account for over half of Africa’s millionaires.
- Smaller markets like Mauritius and Rwanda show fastest-growing wealth, fueled by finance and innovation.
- Africa now hosts 135,200 millionaires, 342 centi-millionaires, and 21 billionaires, reshaping global wealth.
Africa’s economic story is increasingly being written in terms of wealth creation. While the continent has long been known for its vast natural resources, the emergence of a more diverse economic base is reshaping the landscape.
According to the Africa Wealth Report 2025 by Henley & Partners, the continent is now home to over 135,200 millionaires, 342 centi-millionaires, and 21 billionaires.
These figures reflect both entrenched hubs of wealth and the rise of new markets. The ranking below highlights the countries leading this transformation, based on the number of millionaires (individuals with net worth over $1 million) and centi-millionaires (those worth $100 million or more).
While these five dominate the rankings, smaller nations are showing rapid growth. Mauritius now has one of Africa’s highest wealth per capita levels, supported by offshore banking, real estate, and tourism.
Rwanda, once known primarily for recovery, is now positioning itself as an innovation and investment hub.
These smaller markets are expected to outpace continental averages in wealth growth over the next decade.
South Africa, Egypt, Morocco, Nigeria, and Kenya lead Africa’s private wealth rankings, accounting for more than half of the continent’s millionaires. Yet the future of African wealth is not confined to traditional giants.
Smaller, agile markets like Mauritius and Rwanda are rising fast, signaling Africa’s growing role in the global financial system and setting the stage for a more diversified economic future.
So, Shore Africa has profiled 15 of the continent’s leading hubs of wealth
1. South Africa: Wealth hub of the continent
South Africa remains Africa’s wealthiest nation, boasting 41,100 millionaires, 112 centi-millionaires, and 8 billionaires. Johannesburg and Cape Town continue to attract global investors, thanks to their sophisticated financial services, luxury real estate, and thriving professional sectors. Mining remains critical, particularly gold, platinum, and diamonds, but the economy is increasingly diversified. Sectors like private equity, insurance, and digital services are generating new wealth, while Cape Town’s booming tech ecosystem has emerged as a key player in African innovation. Despite economic headwinds, South Africa is expected to remain the leading wealth market, with projected growth of 60% over the next decade.
2. Egypt: North Africa’s economic powerhouse
Egypt ranks second with 14,800 millionaires and 49 centi-millionaires. Cairo and Alexandria are central to this wealth, supported by major infrastructure projects such as the New Administrative Capital and the Suez Canal expansion. The country’s diverse economy—spanning energy, real estate, manufacturing, and financial services—has seen rapid expansion, especially in construction and tourism. Foreign investment inflows, particularly from Gulf countries, have further accelerated Egypt’s rise. Analysts expect Egypt’s millionaire population to grow by nearly 50% in the next decade, underpinned by continued economic reforms and regional trade integration.
3. Morocco: Investment magnet
With 7,500 millionaires and 35 centi-millionaires, Morocco is the third-richest country by private wealth. Casablanca is often described as Africa’s Wall Street, housing the continent’s second-largest stock exchange. Strong foreign investment in renewable energy, automotive manufacturing, and aerospace industries has supported the growth of Morocco’s middle and upper classes. The country’s geographic position as a gateway between Europe and Africa also makes it a logistics and trade hub. Wealth experts project Morocco’s millionaire population will increase by 45% over the next ten years, with sectors like green energy and exports fueling expansion.
4. Nigeria: Oil and beyond
Nigeria, Africa’s most populous nation, is home to 7,200 millionaires and 20 centi-millionaires. Lagos, the country’s commercial capital, serves as the epicenter of wealth creation. While oil and gas still account for much of Nigeria’s private wealth, new fortunes are being made in banking, fintech, telecommunications, and entertainment. Nigeria’s growing digital economy, led by companies like Flutterwave and Interswitch, has drawn significant venture capital. However, wealth distribution remains uneven, and political instability continues to pose risks. Still, with a projected wealth growth of 45% over the next decade, Nigeria’s private wealth market is expected to remain a leading force in West Africa.
5. Kenya: East Africa’s tech-driven growth
Kenya rounds out the top five with 6,800 millionaires and 16 centi-millionaires. Nairobi has become a regional financial and technological hub, attracting multinational companies and startups alike. Known as the “Silicon Savannah,” Kenya’s tech scene has produced pioneering mobile money services like M-Pesa, which have transformed financial inclusion across the continent. Agriculture and real estate also continue to contribute to wealth creation. According to Henley & Partners, Kenya is among Africa’s fastest-growing wealth markets, with projected private wealth growth of 55% by 2033.
6. Mauritius: Island of high-net-worth density
Mauritius, ranked sixth, is home to 4,800 millionaires and 14 centi-millionaires. Despite its small size, the island has one of the highest wealth-per-capita levels in Africa. Its success is anchored in offshore banking, investment funds, luxury real estate, and tourism. Policies promoting ease of doing business and favorable tax regimes have attracted both expatriates and global investors. Mauritius is also developing as a financial hub for Africa and Asia, positioning itself as a preferred destination for high-net-worth individuals seeking stability and growth.
7. Algeria: Natural resources at the core
Algeria ranks seventh with 2,700 millionaires and 10 centi-millionaires. The country’s wealth is primarily tied to its vast hydrocarbon reserves, which account for the bulk of government revenues and exports. Algiers and Oran serve as centers for private wealth, supported by real estate and trade. While Algeria has faced economic volatility due to fluctuating oil prices, ongoing diversification efforts—such as investments in manufacturing and infrastructure—aim to broaden its wealth base in the coming years.
8. Ghana: West Africa’s rising star
Ghana is eighth with 2,600 millionaires and 8 centi-millionaires. Accra remains the country’s economic heartbeat, with wealth driven by gold mining, cocoa exports, and oil production. In recent years, Ghana has also become a hub for fintech and digital services, drawing venture capital into its startup ecosystem. Political stability, relative to regional peers, has supported investor confidence. Experts project Ghana’s millionaire population to expand steadily, supported by a young workforce and growing middle class.
9. Namibia: Small market, big potential
Namibia ranks ninth with 2,500 millionaires and 4 centi-millionaires. Wealth is concentrated in Windhoek and coastal regions, bolstered by natural resources such as diamonds and uranium. The country’s tourism sector, featuring iconic destinations like Etosha National Park and the Namib Desert, also contributes significantly to private wealth. While Namibia’s population is small, its per-capita wealth levels are relatively high, giving it outsized importance compared to larger economies.
10. Ethiopia: Growth amid challenges
Ethiopia comes in tenth with 2,400 millionaires and 7 centi-millionaires. Addis Ababa, the political and economic capital, has been at the center of the country’s rapid infrastructure development, including industrial parks, new airports, and transport networks. Agriculture and manufacturing remain key drivers of wealth. However, political tensions and foreign exchange shortages have slowed private wealth growth in recent years. Nonetheless, Ethiopia’s large population and strategic location give it long-term potential.
11. Angola: Oil-dependent wealth
With 2,300 millionaires and 6 centi-millionaires, Angola ranks eleventh. The capital city, Luanda, is often listed among Africa’s most expensive cities due to its concentration of oil wealth. Angola’s fortunes have been heavily tied to oil exports, though reforms in banking and agriculture are beginning to diversify income streams. The government’s privatization program has also attracted foreign investors, signaling opportunities for broader wealth creation over the next decade.
12. Tanzania: East Africa’s steady climber
Tanzania holds twelfth place with 2,100 millionaires and 5 centi-millionaires. Dar es Salaam and Arusha lead in wealth concentration, supported by gold mining, agriculture, and a growing services sector. Tourism, particularly safaris and Zanzibar’s beach resorts, is another key contributor. With strong GDP growth averaging above 5% in recent years, Tanzania’s millionaire population is projected to expand steadily, making it one of East Africa’s most promising markets.
13. Côte d’Ivoire: Francophone powerhouse
Côte d’Ivoire ranks thirteenth with 2,000 millionaires and 4 centi-millionaires. Abidjan, the country’s commercial capital, serves as the economic hub for Francophone West Africa. Wealth stems from cocoa production, trade, banking, and real estate. Post-conflict economic reforms and infrastructure investments have supported a resurgence in private wealth. As the country continues to integrate into regional and global markets, Côte d’Ivoire is expected to see further expansion in its millionaire population.
14. Botswana: Stability and diamonds
Botswana is fourteenth with 1,700 millionaires and 4 centi-millionaires. Known for its political stability and good governance, the country has long relied on diamond mining to fuel growth. Gaborone, the capital, is home to most high-net-worth individuals, with banking and real estate also contributing to wealth creation. Botswana’s reputation as one of Africa’s best-run economies continues to attract foreign investment, particularly in luxury tourism and conservation-focused ventures.
15. Uganda: Entrepreneurial energy
Uganda rounds out the top fifteen with 1,600 millionaires and 5 centi-millionaires. Kampala is the country’s business center, where wealth is driven by agriculture, telecom, and real estate. The country has one of the youngest populations in the world, creating both challenges and opportunities for wealth growth. Entrepreneurship is on the rise, supported by technology adoption and regional trade. While Uganda’s private wealth market remains small, its growth prospects are strong, particularly in fintech and agribusiness.
