South Africa is the clear leader, recording a bond market volume of $328.8 billion and 2,952 issuances, far ahead of all other African economies.
Egypt and Morocco follow as strong contenders with bond volumes of $188.8 billion and $116.4 billion, respectively, though both trail South Africa by wide margins.
Côte d’Ivoire, Algeria, and Nigeria represent the mid-tier, each exceeding $65 billion, showing notable regional financial activity.
Smaller markets like Tunisia and Angola feature relatively lower volumes ($16.9 billion and $28.4 billion) but maintain significant issuance activity.
Mauritius is the fastest-growing hub with a 63% surge in millionaires, highlighting its rising financial services sector and favourable investment climate.
Rwanda (+48%) and Morocco (+40%) also show strong upward trends, driven by economic diversification and political stability.
Nigeria (-47%), Angola (-36%), and Algeria (-23%) recorded the steepest declines, reflecting oil dependence, currency challenges, and political instability.
Africa overall saw a -5% dip, showing that while select countries are thriving, the continent’s wealth distribution has shifted unevenly.