The population of millionaires in Africa has been projected to increase by 65 per cent within the next 10 years as the continent continues to experience economic growth, according to a report by wealth advisory firm Henley and Partners. 

Now in its fourth year, the report titled, ‘Africa Wealth Report 2025,’ noted that there were currently 122,500 millionaires living in Africa, but the number was estimated to rise to 202,215 over the decade.

The report stated that their study showed the individual wealth market was expanding in Africa despite global challenges, crediting rapid economic growth, with Sub-Saharan Africa’s economy growth forecast for 2026 projected at 3.7 per cent.

The forecast outpaced that of Europe and the United States projected at 0.75 per cent and 1.4 per cent next year respectively. 

“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,” Dominic Volek, Group Head of Private Clients at Henley and Partners said.

Currently, at 34 per cent, South Africa has the highest number of millionaires in Africa, parading 41,100 out of the total 122,500 following a strong financial growth last year. 

The figures almost equalled the number of millionaires in the next Big 5 wealth markets of markets of Egypt (14,800 resident millionaires), Morocco (7,500), Nigeria (7,200), and Kenya (6,800), which together represent 63 per cent of the continent’s millionaires and 88 per cent of its billionaires.

In 2025, Africa is currently home to 25 billionaires and 348 centimillionaires, which is a significant increase compared to the 20th century when there were only a few billionaires. 

Meanwhile, Johannesburg houses the highest percentage of resident millionaires at 11,700. Another South African city, Cape Town is second, with 8,500 millionaires, followed by Cairo with 5,800 of them and Nairobi fourth with 4,200 millionaires.