South Africa has 1 in every 3 millionaires in Africa

  • South Africa dominates with 41,100 millionaires, accounting for more than 1 in 3 African millionaires, far ahead of any other nation.
  • Egypt (14,800) and Morocco (7,500) round out the top three, highlighting North Africa’s wealth concentration.
  • Nigeria (7,200) and Kenya (6,800) confirm West and East Africa’s growing wealth hubs, though still far below South Africa.
  • Mauritius (4,800) and Seychelles (500) rank surprisingly high relative to population size, showing their role as finance and wealth management hubs.

Despite a 6% decline in millionaires, South Africa remains Africa’s largest wealth market with 41,100 millionaires—over a third of the continent’s total and more than the next four countries combined. Six of Africa’s ten wealthiest cities are in South Africa, led by Johannesburg (11,700 millionaires) and Cape Town (8,500, and the most centi-millionaires).

Together, Africa’s top 15 countries account for nearly all of the continent’s millionaires, with about 102,100 out of the total 122,500, reflecting how wealth is concentrated in just a handful of markets.

Source:

New World Wealth

Period:

June 2025
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Though Seychelles has one of the lowest numbers of millionaires, it has the highest share of millionaires (0.51% of its adult population)
  • South Africa has the highest number of millionaires in Africa at 41,100.
  • Egypt follows with 14,800 millionaires, making it the second largest hub.
  • Seychelles has the highest millionaire share of the adult population at 0.51%.
  • Mauritius is close behind with 0.45% of its adult population being millionaires.
  • Ethiopia has 2,400 millionaires, but their share is almost zero due to its large adult population.
South African cities dominate in the number of millionaires, with 6 out of the top 10 wealthiest African cities
  • Johannesburg is home to the highest number of millionaires in Africa, with 11,700 individuals.
  • Six out of the top ten wealthiest African cities are located in South Africa.
  • Cairo leads North Africa with 6,800 millionaires, showing its dominance as a financial hub.
  • Nairobi has 4,200 millionaires, making it East Africa’s wealthiest city.
  • Lagos, with 3,600 millionaires, remains West Africa’s wealthiest city.
  • Lifestyle regions, such as the Cape Winelands and the Garden Route, feature prominently, reflecting the importance of property and lifestyle economies.
  • Casablanca, with 2,900 millionaires, underscores Morocco’s rising appeal as a North African wealth centre.
South Africa hosts 41,100 millionaires, nearly six times Nigeria’s 7,200 millionaires
  • South Africa dominates with 41,100 millionaires, accounting for more than 1 in 3 African millionaires, far ahead of any other nation.
  • Egypt (14,800) and Morocco (7,500) round out the top three, highlighting North Africa’s wealth concentration.
  • Nigeria (7,200) and Kenya (6,800) confirm West and East Africa’s growing wealth hubs, though still far below South Africa.
  • Mauritius (4,800) and Seychelles (500) rank surprisingly high relative to population size, showing their role as finance and wealth management hubs.
Mauritius leads Africa with 63% millionaire growth while Nigeria declines by 47% over the last decade
  • 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.
Aliko Dangote tops world’s black billionaires list with $23.9B; Nigerians claim 3 spots in the top 10
  • Aliko Dangote of Nigeria is the richest Black billionaire globally, with more than double the wealth of the next African on the list.
  • Six of the top 10 billionaires are American, led by David Steward ($11.4B) and Robert F. Smith ($10.8B).
  • Nigeria is the only African country with multiple names: Dangote ($23.9B), Mike Adenuga ($6.8B), and Abdulsamad Rabiu ($5.1B).
  • Fortunes span industries from cement, oil, and telecoms in Africa to tech, investment, sports, and entertainment in the US.
Mauritius’ Black River leads the growth in Africa’s wealth hotspots with 105% in a decade (+560 millionaires)
  • Black River, Mauritius, saw the fastest growth in millionaires: more than 105% over 10 years, adding about 560 new millionaires.
  • Marrakech, Morocco, grew by 67%, gaining roughly 680 millionaires from tourism and luxury real estate.
  • Whale Coast, South Africa, added around 600 millionaires with 50% growth, driven by lifestyle migration.
  • Cape Winelands, South Africa, gained about 1,100 millionaires, growing 42% over the decade.
  • Cape Town grew more modestly at 33%, but had the largest absolute gain—over 2,100 millionaires—reaching 8,500 total.
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