South Africa hosts 41,100 millionaires, nearly six times Nigeria’s 7,200 millionaires

Key Takeaways

  • 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.

Africa’s millionaire landscape is heavily concentrated, with South Africa alone hosting 41,100 individuals worth $1 million or more, almost three times Egypt’s 14,800. North Africa stands out with Egypt and Morocco combining for 22,300 millionaires, reflecting strong banking, energy, and trade sectors. Meanwhile, West Africa’s economic giant, Nigeria (7,200), and East Africa’s Kenya (6,800) continue to grow as regional wealth centres.

Smaller nations like Mauritius (4,800) have become wealth magnets, benefitting from offshore financial services and investment inflows. Even Seychelles, with just 500 millionaires, stands out relative to its population, showing how niche economies can carve out wealth niches. Overall, the data highlights Africa’s uneven but diversifying wealth distribution, where traditional hubs like South Africa dominate but new centres of wealth are steadily rising across the continent.

Source:

New World Wealth

Period:

June 2025
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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.
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