Africa’s Wealth Migration: Nigeria Tops a Decade of Millionaire Outflows

Africa’s wealth map is being redrawn. Over the past ten years, more than 8,000 millionaires have left some of the continent’s largest economies, with Nigeria, South Africa, and Egypt leading the losses.

The drivers are familiar to global investors: political uncertainty, inconsistent policy, and capital risk. For many affluent Africans, the pursuit of greater security and more reliable wealth protection has meant relocating abroad.

Nigeria: The Sharpest Decline

Nigeria recorded the steepest contraction, losing nearly half its millionaire population in just a decade. Currency instability, shifting economic regulations, and unpredictable policy environments have pushed many of the country’s wealthiest to establish homes and businesses overseas.

South Africa and Egypt Under Pressure

South Africa, still home to Africa’s largest high-net-worth base at 41,100 individuals, saw a modest decline of 6%. Geopolitical strains—including recent trade tensions with the U.S.—have weighed on confidence and accelerated wealth migration.

Egypt has also struggled to retain its affluent citizens. Inflationary pressure and structural reforms eroded confidence, cutting its millionaire population by 15% over the decade.

Where Wealth Is Growing

The outflows from Africa’s giants contrast sharply with growth elsewhere on the continent:

• Mauritius has emerged as a magnet for wealth, posting a 63% surge in millionaires over the past ten years. Its political stability, tax efficiency, and residence-by-investment programs have proven particularly appealing to globally mobile HNWIs.
• Rwanda (+48%) and Morocco (+40%) also recorded strong growth, underscoring the value of consistent governance and investor-friendly environments.
• Kenya saw a more modest 14% rise, but it still represents a positive trajectory amid regional volatility.

Winners and Losers in Africa’s Wealth Race

Taken together, the “big three” economies—Nigeria, South Africa, and Egypt—lost a combined 8,070 millionaires. Yet countries like Mauritius and Morocco added nearly 4,000 new HNWIs, offsetting part of the decline.

For investors, the lesson is clear: wealth is gravitating toward stability. Nations that offer security, transparent regulation, and pathways for global connectivity are not just retaining their millionaires—they’re attracting new ones.

What It Means for Global Investors

For high-net-worth individuals considering Africa, these trends present both caution and opportunity. Established economies may still carry scale, but their volatility raises red flags. Meanwhile, smaller but more stable markets—Mauritius, Morocco, Rwanda—are punching above their weight, positioning themselves as safe harbors for private capital.

The continent’s wealth story is no longer concentrated solely in its biggest economies. Instead, it is shifting toward markets that can protect assets, enable cross-border mobility, and foster long-term growth.

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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.