Africa is on the verge of a significant transformation in its wealth landscape, with the continent’s millionaire population expected to surge by an impressive 65% over the next decade. This projection, detailed in the Africa Wealth Report 2025 published by international wealth advisory firm Henley & Partners, signals a shift in economic power and the emergence of new centers of prosperity across the continent. As of 2025, Africa is home to 25 billionaires, 348 centi-millionaires—those whose net worth exceeds $100 million—and 122,500 millionaires, painting a picture of a region where wealth is both growing and concentrating in key markets.
Sub-Saharan Africa’s economy is also showing remarkable momentum, with growth expected to reach 3.7% in 2025 and accelerate further to 4.1% in 2026. According to Henley & Partners, this outpaces the projected growth rates for Europe, which stands at a modest 0.7%, and the United States, forecasted at 1.4%. The continent’s economic resilience and dynamism are drawing attention from investors and analysts worldwide, who are keen to understand the drivers behind this upward trajectory.
At the heart of Africa’s wealth boom lies South Africa, which currently accounts for a staggering 34% of the continent’s millionaires—amounting to 41,100 individuals. This figure is roughly equivalent to the combined total of the next five wealthiest countries on the continent. South Africa’s dominance is further underscored by its leadership in the so-called “Big 5” wealth markets, which include Egypt, Morocco, Nigeria, and Kenya. Together, these five nations represent 63% of Africa’s millionaires and an overwhelming 88% of its billionaires, highlighting their pivotal role in shaping the continent’s economic future.
Yet, the distribution of wealth across Africa is far from uniform. While some countries are experiencing robust growth, others are witnessing sharp contractions in their millionaire populations. Nigeria, for instance, has seen its number of millionaires plummet by a striking 47% as of 2025. Angola and Algeria are also grappling with declines, reflecting the complex interplay of economic, political, and social factors that influence wealth creation and retention in these regions.
Turning to Africa’s urban centers, Johannesburg retains its crown as the continent’s wealthiest city, boasting 11,700 resident millionaires. However, the winds of change are blowing in Cape Town, which, while second with 8,500 high-net-worth individuals, has emerged as Africa’s leader in centi-millionaires. With 35 individuals boasting fortunes exceeding $100 million, the so-called “Mother City” is rapidly cementing its reputation as a hub for the super-wealthy. According to Henley & Partners, Cape Town’s prime real estate market is the most expensive on the continent, with prices reaching $5,800 per square meter. If current trends continue, Cape Town is on track to overtake Johannesburg in total wealth by 2030—a testament to its growing allure among Africa’s elite.
Not to be outdone, Cairo ranks third with 6,800 high-net-worth individuals and holds the distinction of having the highest concentration of billionaires in Africa as of 2025. Nairobi, the economic powerhouse of East Africa, follows in fourth place with 4,200 millionaires. Remarkably, this figure accounts for almost half of Kenya’s total private wealth, underscoring Nairobi’s central role in the country’s economic ecosystem.
This flourishing of wealth has not gone unnoticed by global investors. In 2019, one of the world’s largest private-equity firms made a significant move by taking over a number of hospitals and clinics across Africa and Asia. Among the firm’s acquisitions is TPG’s Avenue Healthcare Parklands hospital, located in the heart of Nairobi, Kenya’s bustling capital. The private-equity giant promised its investors—a group that included the Gates Foundation, the World Bank, and even U2’s Bono—that its mission was to broaden access to high-quality health care across the regions it entered.
According to Bloomberg, the firm’s stated intent was to leverage its resources and expertise to improve health outcomes for local populations, a goal that resonated strongly with its high-profile backers. The acquisition of Avenue Healthcare Parklands hospital in Nairobi was seen as a strategic move, given the city’s status as a rising center of wealth and influence. Nairobi’s growing millionaire class, combined with its importance as a regional economic hub, made it an attractive location for investment in health infrastructure.
The intersection of rising wealth and expanding access to services like health care is a defining feature of Africa’s current economic moment. As more Africans join the ranks of the affluent, their demand for high-quality services—from luxury real estate to world-class medical care—is reshaping markets and driving innovation. The involvement of major international investors, such as private-equity firms and philanthropic organizations, is further accelerating this transformation, bringing new capital and expertise to the continent.
However, the rapid growth of wealth and the influx of private investment also raise important questions about equity and sustainability. While cities like Cape Town and Nairobi are thriving, other parts of the continent continue to face significant challenges, including economic stagnation and declining fortunes among the wealthy. The sharp contraction in Nigeria’s millionaire population, for example, serves as a stark reminder that Africa’s prosperity is unevenly distributed and subject to volatility.
Moreover, the role of private-equity firms in sectors like health care has sparked debate about the balance between profit and public good. Critics argue that the prioritization of financial returns can sometimes come at the expense of patient care and equitable access, particularly in regions where public health systems are under strain. Supporters, on the other hand, contend that private investment is essential for driving improvements in quality and efficiency, especially in rapidly growing urban centers.
What is clear is that Africa’s economic landscape is undergoing a profound transformation. The continent’s projected surge in millionaires, coupled with robust economic growth and the rise of new wealth hubs, is creating both opportunities and challenges. As international investors and local entrepreneurs alike seek to capitalize on these trends, the decisions they make will shape the future of Africa’s cities, industries, and societies for years to come.
The coming decade promises to be a pivotal period for Africa, as it navigates the complexities of wealth creation, investment, and social development. Whether the continent can translate its burgeoning prosperity into broader gains for its people remains to be seen, but the momentum is unmistakable—and the world is watching closely.
