Henley and New World Wealth: Number of Millionaires in Africa reached 122,500
A report on wealth in Africa issued Tuesday by Henley and New World Wealth stated that the number of millionaires on the continent has reached 122,500, while the number of billionaires has reached 25.
The report indicated that the number of people in Africa with a wealth of at least $100 million is 348, noting that the number of millionaires is expected to increase by 65% over the next decade.
According to the report, 34% of African millionaires are concentrated in South Africa, where the number reaches 41,100 millionaires, followed by Egypt with 14,800 millionaires, Morocco with 7,500 millionaires, Nigeria with 7,200 millionaires, and Kenya with 6,800 millionaires.
Together, these five African countries account for 63% of the continent’s millionaires and 88% of its billionaires.
The report indicated that Johannesburg in South Africa maintained its ranking as the richest city on the African continent, while the other city in South Africa, Cape Town in attracts the greatest wealth and positions itself as a leading destination in the real estate market of the future.
Mauritius, the sixth richest country in Africa, recorded the strongest growth in the number of high-net-worth individuals on the continent over the past decade, at 63%.
Rwanda saw its number of millionaires increase by 48%, Morocco by 40%, while Nigeria saw its number of millionaires decrease by 47%, Angola by 36%, and Algeria by 23%.
Last March, Forbes magazine announced that the combined wealth of African billionaires had surpassed $100 billion for the first time.
Another study published by Oxfam in July 2025 revealed that four African billionaires possess wealth greater than that of half of Africa’s population, or 750 million people.
