Johannesburg, South Africa — Africa is redefining its place in the global economic order. Once seen primarily through the lens of poverty and political instability, the continent is now emerging as a vibrant hub of private wealth. The Africa Wealth Report 2025, published by Henley & Partners and New World Wealth, projects that Africa’s millionaire population will increase by 65% over the next decade, underscoring the continent’s accelerating prosperity.
With a population exceeding 1.5 billion and a projected GDP of $29 trillion by 2050, Africa’s wealth landscape is changing rapidly. Financial services, real estate, and technology are driving growth, while booming urban centers are creating fertile ground for new enterprises. This dynamic environment is fueling both middle-class expansion and high-net-worth individual (HNWI) creation.
The report highlights the top 15 countries leading in millionaire counts, defined as individuals with investable assets of $1 million or more. South Africa remains the traditional leader, maintaining its status as the continent’s financial hub. Egypt follows closely, with wealth increasingly tied to its strong real estate and tourism sectors. Morocco, Nigeria, and Kenya round out the top five, supported by diversification, oil, and innovation-led growth.
Mauritius continues to serve as a stable tax haven and favored destination for global investors, while Algeria and Ghana demonstrate how energy and democratic stability respectively foster wealth accumulation. Countries such as Namibia, Ethiopia, and Angola are making notable progress, supported by mining, infrastructure, and oil. Tanzania, Côte d’Ivoire, Botswana, and Uganda complete the top 15, proving that wealth creation is spreading across diverse markets.
In Uganda, the transformation is particularly striking. The country, with a GDP of $64.28 billion and a projected 6.1% growth rate in 2025, is cultivating a growing millionaire class centered in Kampala. Financial services, real estate, and steady economic policy are contributing to the rise of its 1,600 millionaires.
This surge in private wealth represents more than just individual affluence. It reflects a broader continental shift, where wealth creation fuels infrastructure development, education, innovation, and global investment. As Africa strengthens its financial institutions and deepens integration into global markets, its millionaire boom becomes a key signal of wider economic transformation.
The next decade will be pivotal. With wealth expanding beyond traditional powerhouses into emerging economies, Africa’s financial future is unfolding now — reshaping both the continent’s narrative and its role in the global economy.
