Africa’s Wealth Boom: 25 Billionaires, 122,500 Millionaires, and a New Era of Capital Growth

For decades, Africa has been viewed through the lens of its challenges: infrastructure gaps, political instability, and uneven growth. But the Africa Wealth Report 2025, released by Henley & Partners in collaboration with New World Wealth, tells a different story—one that CEOs, senior executives, and global investors can no longer afford to overlook.

The continent is now home to 25 billionaires, 348 centi-millionaires (with assets of $100 million or more), and 122,500 millionaires. Beyond the headlines, these numbers represent a profound shift: Africa is not simply producing wealthy individuals; it is evolving into a critical node in global capital flows.

Africa Adds More Billionaires

The billionaire tally has risen from 22 to 25, fueled largely by stock market gains that lifted valuations across multiple sectors. Among the latest entrants to the billionaire ranks are:

• Thom Mpinganjira, Malawian banker and entrepreneur, whose financial services empire expanded on the back of robust local banking growth.
• Hisham Talaat Moustafa, Egyptian real estate mogul, whose company’s share price surge pushed him beyond the billion-dollar threshold.

Their ascent is emblematic of Africa’s financial markets, where exchanges from Johannesburg to Cairo are playing an increasingly important role in wealth creation. At a time when global equity markets remain volatile, Africa’s capital markets are quietly proving resilient and opportunity-rich.

This resilience is underpinned by macroeconomic momentum. Sub-Saharan Africa is forecast to grow by 3.7% in 2025, compared to 0.7% in Europe and 1.4% in the United States. Growth is being powered by demographic dynamism, diversified investment channels, and rising interest in residency and citizenship programs that funnel foreign capital into high-priority sectors.

South Africa Still Leads, But the Map Is Shifting

South Africa remains Africa’s wealth heavyweight, with 41,100 millionaires. Egypt, Morocco, Nigeria, and Kenya round out the top five. But the true story lies in the geography of change.

• Mauritius has seen its millionaire population surge 63% over the past decade, thanks to political stability, favorable tax policies, and a robust investment migration program.
• Morocco has grown its millionaire base by 40%, capitalizing on tourism, real estate, and renewable energy.
• Rwanda and Kenya have emerged as secondary hubs, benefiting from pro-business reforms and digital innovation.
• South Africa, by contrast, has experienced a 6% decline, while Nigeria has lost nearly half of its millionaires, reflecting economic mismanagement, capital flight, and persistent insecurity.

For executives, these shifts highlight a fundamental truth: Africa’s wealth map is not static. New centers of capital are emerging, often outside the traditional giants.

Why CEOs and HNWIs Should Pay Attention

Africa’s wealth expansion matters for three reasons:

• Talent and Capital Convergence
  The rise of millionaires and billionaires signals more than disposable wealth. It represents the growth of entrepreneurial ecosystems, financial sophistication, and high-net-worth networks that can integrate with global business.
• Untapped Consumer Markets
  Africa’s HNWI growth parallels the rise of a fast-expanding middle class. For global corporations, this translates into demand for luxury goods, private healthcare, digital services, and premium financial products.
• Investment Migration as a Catalyst
  Residency and citizenship programs are increasingly shaping capital flows. South Africa and Egypt now rank among the world’s top 10 destinations for such applications. Mauritius and São Tomé and Príncipe are channeling investor money into infrastructure, renewable energy, and other strategic sectors.

These programs are not merely about passports. They are sophisticated capital-raising tools, linking wealthy investors to national development projects while providing them with mobility, security, and diversification benefits.

Opportunities for Strategic Investors

Africa’s growing wealth base creates multiple entry points for CEOs and high-net-worth investors:

• Private Equity and Venture Capital: With traditional financing channels still limited, there is scope for private capital to back high-growth companies in fintech, healthcare, logistics, and renewable energy.
• Real Estate and Hospitality: Rapid urbanization and the rise of affluent domestic travelers are fueling demand for luxury residential, commercial, and tourism properties.
• Capital Markets: Stock exchanges in Johannesburg, Nairobi, Lagos, and Cairo are maturing, offering exposure to African growth stories with increasing liquidity.
• Impact and ESG Investing: From renewable energy to sustainable agriculture, Africa is an unparalleled testing ground for investments that generate both returns and social outcomes.

Risks and Realities

No executive assessment would be complete without acknowledging the risks. Wealth migration data also reflects capital flight from countries plagued by instability, currency devaluation, or policy uncertainty. Nigeria’s sharp decline in millionaires, for example, underscores the consequences of poor governance.

Corruption, infrastructure deficits, and political volatility remain challenges. Yet, the fact that wealth is expanding in markets like Mauritius and Morocco demonstrates that policy clarity and stability pay dividends.

For HNWIs, the lesson is clear: Africa offers extraordinary upside, but success requires careful country selection, rigorous due diligence, and long-term partnerships.

A Continent Recasting Its Role

Africa’s wealth surge is not just about individual fortunes—it is about a continent repositioning itself within the global economy.

• With 25 billionaires and over 122,000 millionaires, Africa is no longer peripheral to global wealth creation.
• Its investment migration programs are shaping the flow of global capital, rivaling established hubs in Europe and Asia.
• Its stock markets, once overlooked, are producing billionaires and proving resilient against global shocks.

For CEOs and high-net-worth individuals, Africa is moving from “frontier” to strategic partner—a place where capital, talent, and opportunity intersect.

Executive Takeaway

Africa’s wealth boom is rewriting the global map of opportunity. For forward-thinking CEOs and investors, the question is no longer whether to engage with Africa—it is how and where. The new wealth hubs of Mauritius, Morocco, and Rwanda, the resilience of South Africa and Egypt, and the dynamism of sub-Saharan markets all signal a continent in motion. For global business leaders, Africa is not simply producing millionaires; it is laying down the foundations of its economic future.

In a world searching for growth, Africa is one of the last great frontiers of capital expansion—and those who understand its wealth dynamics today will be best positioned to lead tomorrow.

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.