Number of Millionaires in Africa Set to Rise by 65% in the Next Decade — PulseNets Exclusive
The number of millionaires in Africa is on track to surge by 65 percent within the next ten years, PulseNets has learnt from the latest Africa Wealth Report 2025 released by global wealth advisory firm, Henley and Partners.
Now in its fourth edition, the report obtained by PulseNets revealed that Africa currently hosts 122,500 millionaires, but this figure is projected to grow dramatically to 202,215 by 2035, reflecting the continent’s fast-expanding wealth market.
According to Henley and Partners, the study found that Africa’s individual wealth sector has continued to expand despite global headwinds, largely powered by rapid economic growth. Sub-Saharan Africa’s GDP is forecast to grow by 3.7 percent in 2026, far ahead of Europe’s 0.75 percent and the United States’ 1.4 percent projection for the same period.
Speaking on the report, Dominic Volek, Group Head of Private Clients at Henley and Partners, told PulseNets that “the investment migration sector is evolving in two directions — African high-net-worth individuals are increasingly seeking mobility and diversification, while global investors are beginning to recognize Africa as a prime destination for stable, long-term capital.”
South Africa Leads Africa’s Wealth Charts
South Africa continues to dominate Africa’s millionaire landscape, accounting for 34 percent of the continent’s total, with 41,100 resident millionaires. PulseNets learnt that this strong showing comes on the back of a robust financial performance in the country last year.
Interestingly, this figure nearly matches the combined total of Africa’s next five wealth powerhouses — Egypt (14,800 millionaires), Morocco (7,500), Nigeria (7,200), and Kenya (6,800). Collectively, these five account for 63 percent of Africa’s millionaires and 88 percent of its billionaires.
Billionaires and Centimillionaires on the Rise
As of 2025, Africa is home to 25 billionaires and 348 centimillionaires, PulseNets reported. This marks a remarkable leap from the 20th century, when the continent could only count a handful of billionaires.
Africa’s Wealthiest Cities
Johannesburg retains its title as the wealthiest city in Africa, housing 11,700 millionaires. Cape Town follows with 8,500, while Cairo boasts 5,800 millionaires, and Nairobi secures fourth place with 4,200 millionaires.
Also Read: Top 10 African countries with the highest number of millionaires in 2022
With the rapid expansion of Africa’s high-net-worth population, experts believe the next decade will be crucial for the continent’s financial transformation. As PulseNets learnt, both African investors and global capital players are now betting heavily on Africa as the next frontier of global wealth creation.
