In 2025, Africa’s wealth landscape continues to evolve, with a growing number of high-net-worth individuals (HNWIs) shaping the continent’s economic narrative. According to the 2024 Africa Wealth Report by Henley & Partners, Africa is home to 135,200 millionaires with liquid investable wealth exceeding USD 1 million. The top 10 wealthiest countries in Africa, ranked by the number of millionaires in 2025, are concentrated in diverse economies driven by natural resources, financial hubs, and emerging markets. This article explores these nations, their millionaire populations, and the factors contributing to their wealth in 2025.
1. South Africa: 37,400 Millionaires
South Africa leads Africa’s wealth rankings in 2025 with 37,400 millionaires, 102 centi-millionaires, and 5 billionaires. The country’s economic hub, Johannesburg, hosts 12,300 HNWIs, while Cape Town follows with 7,400. South Africa’s diverse economy, fueled by mining, finance, fashion, and media, drives wealth creation. Despite a 27% decline in millionaires from 2013 to 2023, the nation remains a powerhouse, holding $651 billion in private wealth in 2025. The country’s robust financial markets and abundant natural resources, like gold and diamonds, attract investors, while cities like Durban and Pretoria further bolster its wealth landscape. In 2025, South Africa’s position as Africa’s wealthiest nation is cemented by its infrastructure and global investment appeal.
2. Egypt: 15,600 Millionaires
Egypt ranks second in 2025, with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires. Cairo, home to 7,200 HNWIs, is a key wealth hub, driven by industries like construction, telecommunications, and retail. Egypt’s large consumer market and ongoing economic reforms in 2025 foster wealth generation, with $307 billion in private wealth. The Nile Delta’s agricultural productivity and strategic location linking Africa and the Middle East enhance export opportunities. Despite a 22% millionaire decline over the past decade, Egypt’s investment in infrastructure and entrepreneurship supports its growing wealth base in 2025, making it a magnet for HNWIs.
3. Nigeria: 8,200 Millionaires
Nigeria, Africa’s largest economy, hosts 8,200 millionaires, 23 centi-millionaires, and 3 billionaires in 2025. Lagos, with 4,200 HNWIs, is a major wealth center, driven by oil, gas, and a burgeoning tech sector. Despite a 45% drop in millionaires from 2013 to 2023, Nigeria’s $228 billion in private wealth reflects its vast population and natural resources. In 2025, challenges like infrastructure deficits and currency reforms persist, but opportunities in telecommunications and real estate fuel wealth creation. Nigeria’s vibrant entrepreneurial spirit and growing digital economy position it as a key player in Africa’s wealth landscape in 2025.
4. Kenya: 7,200 Millionaires
Kenya ranks fourth in 2025, with 7,200 millionaires and 16 centi-millionaires. Nairobi, hosting 4,400 HNWIs, is a hub for technology and real estate, contributing to Kenya’s $91 billion in private wealth. The country’s 30% millionaire growth from 2013 to 2023 signals strong economic potential, driven by a thriving tech ecosystem dubbed the “Silicon Savannah.” In 2025, Kenya’s stable political environment and investments in infrastructure, such as the Nairobi Expressway, attract HNWIs. The nation’s focus on renewable energy and agriculture further enhances its appeal, positioning Kenya as a rising wealth center in East Africa in 2025.
5. Morocco: 6,800 Millionaires
Morocco, with 6,800 millionaires, 32 centi-millionaires, and 4 billionaires, ranks fifth in 2025. Casablanca and Marrakech are key wealth hubs, driven by industries like tourism, manufacturing, and renewable energy. Morocco’s strategic location near Europe and its free trade agreements boost exports, contributing to wealth accumulation. In 2025, the country’s focus on sustainable development, including solar energy projects like the Noor Complex, attracts global investors. With an expected 80%+ millionaire growth by 2033, Morocco’s stable governance and growing economy make it a standout in North Africa’s wealth landscape in 2025.
6. Mauritius: 5,100 Millionaires
Mauritius, a small island nation, boasts 5,100 millionaires in 2025, with the highest per capita wealth in Africa at $37,500. The country’s financial services sector, favorable tax policies, and status as a luxury tourism destination drive wealth creation. Port Louis is a key hub for HNWIs, supported by a stable political environment and robust banking system. In 2025, Mauritius’s 74% millionaire growth over the past decade and projected 80%+ growth by 2033 highlight its appeal as an investment haven. The island’s multicultural vibe and high quality of life make it a top choice for expat millionaires in 2025.
7. Algeria: 2,800 Millionaires
Algeria, with 2,800 millionaires, 8 centi-millionaires, and 1 billionaire, ranks seventh in 2025. The country’s oil and gas wealth, centered in Algiers, drives its $42 billion private wealth pool. Despite challenges in economic diversification, Algeria’s vast energy reserves support HNWI growth. In 2025, investments in infrastructure and renewable energy signal potential for future wealth expansion. Algeria’s strategic Mediterranean location enhances trade opportunities, particularly with Europe. While governance issues persist, the country’s natural resources and growing private sector make it a significant player in Africa’s wealth rankings in 2025.
8. Ghana: 2,700 Millionaires
Ghana ties with Ethiopia in 2025, hosting 2,700 millionaires and 4 centi-millionaires. Accra, a rising wealth hub, benefits from Ghana’s stable democracy and growing sectors like agriculture, manufacturing, and technology. The country’s focus on economic diversification in 2025 supports its $37 billion private wealth. Ghana’s vibrant startup ecosystem and investments in education attract young entrepreneurs, fostering wealth creation. Despite recent economic challenges, Ghana’s resilience and natural resources, including gold and cocoa, position it as an emerging wealth center in West Africa in 2025, with strong growth potential.
9. Ethiopia: 2,700 Millionaires
Ethiopia, with 2,700 millionaires and 6 centi-millionaires, is a fast-growing economy in 2025. Addis Ababa drives wealth creation through real estate, manufacturing, and agriculture, supported by a large population and untapped market potential. Ethiopia’s $84 billion private wealth reflects its rapid economic expansion, despite recent slowdowns. In 2025, government reforms and infrastructure projects, like the Grand Ethiopian Renaissance Dam, attract investors. The country’s focus on technology and green energy signals a promising future for HNWIs, making Ethiopia a rising star in Africa’s wealth landscape in 2025.
10. Namibia: 2,300 Millionaires
Namibia rounds out the list in 2025 with 2,300 millionaires. Windhoek and Swakopmund are emerging wealth hubs, driven by mining, tourism, and agriculture. With a high per capita wealth of $10,050, Namibia benefits from a stable economy and natural resources like diamonds and uranium. In 2025, the country’s focus on sustainable tourism and renewable energy, including green hydrogen projects, attracts HNWIs. Expected 80%+ millionaire growth by 2033 positions Namibia as a future wealth leader in Southern Africa, with a high quality of life enhancing its appeal in 2025.
Conclusion
In 2025, Africa’s wealthiest countries, led by South Africa, Egypt, and Nigeria, account for 56% of the continent’s 135,200 millionaires, showcasing concentrated wealth in diverse economies. These nations, alongside emerging hubs like Kenya, Morocco, and Mauritius, leverage natural resources, financial systems, and strategic policies to drive wealth creation. Despite challenges like economic volatility and inequality, the projected 65% millionaire growth across Africa by 2033 signals a dynamic future. In 2025, these top 10 countries exemplify the continent’s growing economic potential and global investment appeal.
