South Africa Waves Goodbye to Over 2,400 Millionaires

South Africa’s wealth market, the largest on the African continent, is shrinking. The newly released Africa Wealth Report 2025 reveals that the country has lost more than 2,400 millionaires in the past decade, a decline of 6% in its high-net-worth population.

This shift is more than a statistic—it is a signal of deeper challenges facing South Africa’s economy, governance, and ability to retain its wealthiest citizens. For CEOs and high-net-worth individuals (HNWIs), the implications are clear: the geography of African wealth is shifting, and South Africa risks losing its dominance if current trends continue.

South Africa Still Leads—For Now

Despite the exodus, South Africa remains Africa’s largest wealth market, with 41,100 millionaires, 112 centi-millionaires (individuals with more than $100 million in assets), and eight billionaires. Collectively, this represents 34% of the continent’s millionaire population.

Alongside Egypt, Morocco, Nigeria, and Kenya, South Africa is one of five countries that together account for 63% of Africa’s millionaires and 88% of its billionaires. Yet, while South Africa stagnates, rivals are gaining ground.

Africa’s Growing Wealth Base

Across the continent, Africa’s wealth story is one of growth and resilience. The report shows that the continent now boasts:

• 25 billionaires
• 348 centi-millionaires
• 122,500 millionaires

And the trajectory is unmistakable: Africa’s millionaire population is forecast to grow by 65% over the next decade. This marks a dramatic turnaround from the late 20th century, when many African economies were in long-term decline and wealth creation was sporadic.

Today, stock market performance, diversified economies, and the expansion of investment migration programs are reshaping how and where wealth is built.

Mauritius and Rwanda Lead the Pack

The biggest winners in Africa’s wealth race are Mauritius, Rwanda, Morocco, and Kenya.

• Mauritius has seen its millionaire base grow by 63% over the past decade, supported by political stability, favorable tax policies, and one of the world’s most respected residence-by-investment programs.
• Rwanda has grown its millionaire population by 48%, reflecting its transformation into a hub of reform, digital innovation, and investor confidence.
• Morocco expanded by 40%, thanks to real estate, tourism, and renewable energy investments.
• Kenya grew by 35%, underscoring the rise of East Africa as a center of entrepreneurial activity and wealth creation.

By contrast, South Africa’s negative trajectory highlights the risks of political stagnation, rising crime, and eroding institutional trust.

Why South Africa Is Losing Its Wealthy Citizens

The report identifies several factors driving South Africa’s millionaire outflow, most of which are tied to long-term structural weaknesses:

1. Rising Crime and Insecurity
   Escalating crime rates and security concerns are among the most cited reasons for relocation. For HNWIs, personal safety and family security remain paramount.
2. Deteriorating Public Services
   Declining quality in healthcare and education is prompting wealthy families to seek countries with more reliable public services—or private options supported by stronger economies.
3. Political and Economic Instability
   Policy uncertainty, governance challenges, and economic stagnation have undermined investor confidence. HNWIs tend to seek out jurisdictions with predictability, transparency, and investor-friendly regulations.
4. Global Competition for Wealth
   Wealthy individuals worldwide are increasingly mobile. Jurisdictions offering stability, tax efficiency, and residency pathways are actively competing for South Africa’s wealthiest citizens.

Where South Africa’s Millionaires Are Going

The top relocation destinations reflect a global hunt for safe-haven countries—jurisdictions known for security, strong governance, and favorable tax regimes.

• Australia remains the most popular choice, offering political stability, high living standards, and a strong rule of law.
• Switzerland attracts HNWIs with financial privacy, stability, and its role as a global wealth management hub.
• Mauritius has emerged as a regional competitor, combining proximity with a favorable investment climate.
• Singapore and the UAE provide global connectivity, business-friendly environments, and tax efficiency.
• New Zealand and Malta round out the list, offering safety, political neutrality, and access to global markets.

Each of these countries offers what South Africa increasingly lacks: a predictable environment for wealth preservation, family security, and long-term planning.

Mauritius: A Rising Wealth Hub

Mauritius deserves special attention. Once a small, peripheral economy, it has transformed into Africa’s fastest-growing wealth market.

Its success is driven by:

• Political stability and rule of law
• Attractive residence-by-investment programs
• Tax efficiency and investor-friendly regulations
• Integration into global financial networks

The result is a magnet for South African millionaires who want proximity to home without the instability. Mauritius offers both a safe haven and a springboard for international business.

The Stakes for South Africa

The millionaire exodus is more than a demographic shift—it is a capital and skills drain. When wealthy individuals leave, they take not only their investments but also their networks, business acumen, and philanthropic contributions.

If security, infrastructure, and governance challenges persist, the pace of outflows may accelerate, further weakening South Africa’s economic foundation. Wealth flight often creates a feedback loop: as more HNWIs leave, domestic investment shrinks, and confidence erodes further.

Africa’s wealth landscape: Billionaires ($1bn+), Centi-millionaires ($100m+) and Millionaires ($1m+)

Executive Takeaway: South Africa’s story is a cautionary tale: size alone does not guarantee wealth retention. For CEOs and senior executives, the lesson is twofold:

• Diversify Jurisdictions
  South Africa’s decline underscores the importance of spreading assets, citizenships, and investments across stable markets. HNWIs should not be over-exposed to a single jurisdiction vulnerable to instability.
• Spot Emerging Wealth Hubs
  Africa’s growth is real. Mauritius, Rwanda, Morocco, and Kenya are all rising as wealth centers. For global investors, this means opportunity: to enter early, to partner with local talent, and to ride the continent’s next wave of wealth creation.

South Africa remains influential, but the era of unchallenged dominance is over. For those watching Africa’s wealth evolution, the future will belong to countries that combine stability, openness, and investor confidence.

Have you read?
The Citizenship by Investment (CBI) Index evaluates the performance of the 11 nations currently offering operational Citizenship By Investment (CBI) programs: St Kitts and Nevis (Saint Kitts and Nevis), Dominica, Grenada, Saint Lucia (St. Lucia), Antigua & Barbuda, Nauru, Vanuatu, Türkiye (Turkey), São Tomé and Príncipe, Jordan, and Egypt.