Africa’s high-net-worth population is showing stark geographic divergence, with fast-growing hubs offsetting deep wealth contraction in traditional economic powerhouses over the past decade, according to new private wealth intelligence data.
The findings, published in the Africa Wealth Report by Henley & Partners alongside New World Wealth, reveal the continent holds approximately 122,500 liquid dollar millionaires, anchored by South Africa, Egypt, Morocco, Nigeria, and Kenya.
While South Africa’s millionaire population shrank 6% over ten years to 41,100, and Nigeria’s contracted 47% to 7,200 despite adding 900 millionaires this past year, Mauritius logged a continent-leading 63% expansion.
Morocco posted a 40% ten-year surge to reach 7,500 millionaires, while Kenya expanded to 6,800. Conversely, Egypt’s count slipped to 14,800 HNWIs despite holding the continent’s largest billionaire cluster.
Source: Africa Wealth Report by Henley & Partners
“Currency devaluations heavily impact dollar-denominated wealth metrics, yet underlying economic activity across key sectors continues driving private wealth creation,” noted Andrew Amoils, Head of Research at New World Wealth.
“Entrepreneurs, business leaders, and wealthy families are embracing investment migration as a strategy to improve economic mobility, secure location optionality, and mitigate risk,” said Dominic Volek, Head of Private Clients at Henley & Partners.
Despite 18,700 millionaires migrating out of Africa over the past decade, wealth managers project a 65% surge in continental HNWIs through 2035 as technology, financial services, and renewable sectors scale.
