Nigeria is 4th African country with the most millionaires in U.S dollars- Report

…Nigeria has 7200 millionaires in US dollars

…Africa’s millionaire population (in US dollars) is projected to grow by 65 per cent over the next decade

Nigeria is the fourth African country with the most millionaires in US dollars, according to a newly released Africa Wealth Report 2025 by Henley & Partners.

The report indicates that overall, Africa’s millionaire population (in US dollars) is projected to grow by 65 per cent over the next decade, with South Africa leading the continent with 41,100 millionaires, followed by Egypt (14,800), Morocco (7,500), Nigeria (7,200), and Kenya (6,800).

Now in its fourth edition, the report offers a comprehensive overview of Africa’s private wealth landscape, spotlighting the continent’s most affluent nations and cities, and offering expert analysis on investment migration and economic mobility.

According to the report, the continent currently hosts 25 billionaires, 348 centi-millionaires, and 122,500 millionaires, which is a remarkable transformation from the late 20th century, when economic stagnation and limited private wealth defined much of the region.

Dominic Volek, group head of private clients at Henley & Partners, described Africa’s wealth trajectory as “One of the most compelling yet overlooked narratives in global finance”.

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Wealth concentration and migration trends

The report also indicates that Sub-Saharan Africa is forecast to grow at 3.7 per cent in 2025, rising to 4.1 per cent in 2026, far outpacing Europe and the United States, although traditional centres of wealth such as Switzerland, London, and Silicon Valley dominate global perceptions.

Notably, Mauritius and Egypt, both in the top 10 wealth markets, operate investment migration programmes, positioning themselves as both sources and destinations for mobile capital.

While South Africa and Nigeria have seen declines in their millionaire populations, down by 6 per cent and 47 per cent respectively over the past decade, smaller markets are thriving.

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Mauritius posted a 63 per cent increase in millionaires, while Morocco saw 40 per cent growth. Among cities, the Black River region in Mauritius led with 105 per cent growth, followed by Marrakech (67 per cent) and South Africa’s Cape Whale Coast (50 per cent).

Henley & Partners reported a sharp rise in investment migration interest from African nationals, with applications processed from 23 countries in the past 18 months, nearly double the number from 2020.

For instance, enquiries for alternative residence and citizenship also surged by 50 per cent in 2024, with South Africa and Egypt entering the global top 10 for applications. Portugal remains the most popular destination, followed by Caribbean programmes in Grenada and Antigua and Barbuda.

Africa as a magnet for global capital

Africa is also attracting foreign investors.

Mauritius’s residence-by-investment scheme has helped fuel its millionaire boom, while Egypt’s citizenship program, starting at $250,0,00, remains the continent’s most established. São Tomé and Príncipe recently launched its own programme, with funds earmarked for renewable energy infrastructure.

Cape Town, despite South Africa’s overall decline, remains one of Africa’s fastest-growing wealth hubs, with a 33 per cent rise in millionaires and the continent’s highest property prices at $5,800 per square metre. Morocco’s success, despite lacking a formal migration programme, underscores the power of competitive taxation and business-friendly policies.

The African Continental Free Trade Area (AfCFTA), operational since 2021, is reshaping capital mobility across the continent. The World Bank estimates its implementation could lift 30 million people out of extreme poverty and boost income by $450 billion by 2035.