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.
