Africa’s Millionaire Boom: South Africa Leads with 41,100 Wealthy Elite

Africa’s pool of high-net-worth individuals is growing rapidly, with the 2025 Africa Wealth Report revealing that the continent is now home to 122,500 millionaires and 25 billionaires. The figures highlight Africa’s emerging economic strength despite ongoing challenges such as inequality and sluggish growth in certain regions.

South Africa Still Dominates

South Africa remains the continent’s wealthiest nation, boasting 41,100 millionaires, far ahead of other African economies. Johannesburg alone accounts for 11,700 millionaires, making it Africa’s leading city for wealth.

Egypt follows with 14,800 millionaires, while Morocco has 7,500, Nigeria 7,200, and Kenya 6,800.

Top 10 African Countries by Millionaires (2025)

1. South Africa 🇿🇦 – 41,100
2. Egypt 🇪🇬 – 14,800
3. Morocco 🇲🇦 – 7,500
4. Nigeria 🇳🇬 – 7,200
5. Kenya 🇰🇪 – 6,800
6. Mauritius 🇲🇺 – 4,800
7. Algeria 🇩🇿 – 2,700
8. Ghana 🇬🇭 – 2,600
9. Namibia 🇳🇦 – 2,500
10. Ethiopia 🇪🇹 – 2,400

Future Growth: Emerging Wealth Hubs

The report projects a 65% surge in African wealth by 2034, with emerging financial hubs such as Rwanda, Mauritius, and Kenya expected to play a major role in driving growth. Rising investment in technology, real estate, and green energy is seen as central to this expansion.

Buzz and Debate

The findings have sparked debates across social media, with many celebrating Africa’s wealth boom as a sign of progress, while others point to persistent inequality and per-capita disparities. Critics argue that while the millionaire class is growing, millions of Africans remain trapped in poverty.

Nonetheless, the 2025 Africa Wealth Report underscores Africa’s position as a rising force in the global economy, with increasing opportunities for investment and growth.