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Top 15 African countries with highest no of millionaires’ worth $1M and above in 2025

Africa’s wealth map is being redrawn. Once cast as a continent struggling to shake off economic decline, it is now emerging as one of the fastest-growing hubs of private wealth in the world.

With its population swelling past 1.5 billion and its economy projected to reach $29 trillion by 2050, Africa is producing millionaires at a pace that rivals more mature markets.

A new Africa Wealth Report 2025 from Henley & Partners and New World Wealth projects a 65% surge in the continent’s millionaire class over the next decade.

The numbers point not just to booming cities and expanding middle classes, but to the rise of Africa as a serious force in global finance.

This article breaks down the 15 African countries that now host the largest number of dollar millionaires’ individuals with investable wealth of $1 million or more offering a closer look at where prosperity is taking root and what it means for the continent’s economic future.

15. Uganda

• No of millionaires($1M+): 1,600

Kampala, the bustling capital of Uganda, stands at the center of the country’s wealth and economic activity. Uganda, home to 51.4 million people, is known globally for its mountain gorillas, the source of the Nile, and the vast Lake Victoria.

The country hosts an estimated 1,600 millionaires and five centi-millionaires (with $100 million or more in liquid investable wealth), reflecting steady but gradual private wealth expansion. Much of this wealth is concentrated in Kampala, where financial services, real estate, and infrastructure projects are accelerating growth.

Agriculture remains Uganda’s economic backbone, particularly coffee, which is among its top exports. In 2025, the country’s GDP is valued at $64.28 billion in current prices, with a GDP per capita of $1,340. When measured by purchasing power parity (PPP), GDP stands at $187.11 billion, translating to $3,900 per capita, though Uganda accounts for just 0.09% of global GDP on this measure. The economy is one of Africa’s fastest growing, projected to expand by 6.1% in 2025, supported by energy and services. Inflation is relatively moderate at 4.2%, providing a stable backdrop for consumption and investment.

14. Botswana

• No of millionaires($1M+): 1,700

Botswana is home to around 1,700 millionaires and 4 centi-millionaires, a notable figure for one of Africa’s smaller economies. Gaborone, the capital of Botswana, is the political and economic hub of this Southern African nation, which has a population of 2,566,806 as of mid-2025. Botswana has a growing private wealth sector, although its high-net-worth population is smaller compared to larger African economies.

The country’s economy is heavily reliant on mining (particularly diamonds), services, and government-led initiatives. In 2025, Botswana’s GDP is projected at $19.4 billion, with a per capita income of $7,020. On a purchasing power parity (PPP) basis, GDP reaches $52.96 billion, or $19,170 per capita, representing 0.03% of global output. Real GDP growth is expected to contract slightly by -0.4%, while inflation remains moderate at 4.5%, reflecting a generally stable economic environment.

13. Cote d’Ivoire

• No of millionaires($1M+): 2,000

Côte d’Ivoire, with Yamoussoukro as its political capital and Abidjan as its economic hub, is a key player in global agriculture as the world’s largest cocoa exporter and a major producer of cashew nuts. It has a population of 32.79 million people as of August 2025 which hosts 2000, millionaires aand only four cent millionaires.

The economy is projected to expand strongly in 2025, with real GDP growth of 6.3%, supported by robust agricultural and infrastructure activity. Nominal GDP is estimated at $94.48 billion, translating to about $2,870 per capita. In purchasing power parity (PPP) terms, GDP stands at $266.83 billion, or $8,110 per capita, accounting for 0.13% of global output. Inflation is expected to average 3%, reflecting relative price stability.

12. Tanzania

• No of millionaires$1M+): 2,100

Tanzania’s population stands at 70.76 million as of August 2025. The country is home to approximately 2,100 millionaires, five centi-millionaires, and one billionaire, reflecting a relatively small but gradually growing pool of high-net-worth individuals.

The economy is set for solid growth, with real GDP projected at 6% in 2025, supported by agriculture, services, and infrastructure investment. Nominal GDP is estimated at $85.98 billion, with per capita income at $1,280, highlighting persistent development challenges.

On a purchasing power parity (PPP) basis, GDP reaches $293.59 billion, or $4,370 per capita, representing 0.14% of global output. Inflation is expected to average 4%, indicating moderate price pressures.

11. Angola

• No of millionaires($1M+): 2,300

Angola, the seventh-largest country in Africa and the second-largest Portuguese-speaking nation by both land area and population of 39 million people, faces mixed economic prospects in 2025. It counts about 2,400 millionaires and 6 centi-millionaires, with wealth largely concentrated in Luanda, located on the Atlantic coast and serving as the country’s principal seaport.

Real GDP growth is projected at a modest 2.4%, constrained by structural challenges and heavy reliance on oil revenues. Nominal GDP is expected at $113.34 billion, with per capita income of about $2,880. On a purchasing power parity (PPP) basis, GDP rises sharply to $402.16 billion, or $10,230 per capita, accounting for 0.19% of global output. However, inflation remains a pressing concern, with consumer prices forecast to surge by 22%, one of the highest rates on the continent

10. Ethiopia

• No of millionaires($1M+): 2,400

Ethiopia stands out as one of the fastest-growing economies in Sub-Saharan Africa. The country is home to a population of 135 million people, with around 2,400 millionaires and 7 centi-millionaires, a small yet growing class of high-net-worth individuals, supported by structural reforms and a gradual post-conflict recovery. Addis Ababa, the capital and largest city, is the nation’s political and financial hub, serving as a center for culture, tourism, and commerce.

The International Monetary Fund projects real GDP growth of 6.6% in 2025, with output reaching $117.5 billion at current prices and nearly $484.4 billion in purchasing power parity (PPP) terms. GDP per capita is estimated at $1,070 in nominal terms and $4,400 on a PPP basis, reflecting both progress and the scale of the country’s development challenges. Inflation, however, remains high at 21.5% in 2025.

9. Namibia

• No of millionaires ($1M+): 2,500

Namibia with a population of 3 million people has about 2,500 millionaires and 4 centi-millionaires, reflecting a small but notable pool of high-net-worth individuals within the Southern African nation. Its capital, Windhoek, serves as the political and economic hub.

The economy is projected to grow by 3.8% in 2025, supported by mining, energy, and services. Nominal GDP is estimated at $14.21 billion, with GDP per capita at $4,660. In purchasing power parity (PPP) terms, total GDP reaches $37.73 billion, or $12,370 per capita, accounting for 0.02% of global output. Inflation is forecast at 3.8%, indicating relative price stability amid steady growth.

8. Ghana

• No of millionaires($1M+): 2,600

Ghana, West Africa’s second-largest economy, is projected to expand by 4% in 2025, with GDP reaching $88.3 billion in current prices and nearly $295.1 billion in purchasing power parity terms, according to IMF data. With a population estimated at 35 million people by mid-2025, the country combines steady economic growth with one of the region’s most stable democratic systems.

Private wealth is also rising. Ghana is home to about 2,600 millionaires and 8 centi-millionaires, most of them concentrated in Accra, the capital and commercial hub. Gold, cocoa, and oil remain the backbone of the economy, while banking, real estate, and services are helping to shape a new class of high-net-worth individuals.

7. Algeria

• No of millionaires ($1M+): 2,700

Algeria is home to roughly 2,700 millionaires and 10 centi-millionaires, making it one of North Africa’s key private wealth markets.

It is North Africa’s largest nation by landmass, and is projected to grow by 3.5% in 2025, with GDP reaching $268.9 billion in current prices and $875.3 billion in purchasing power parity terms, IMF data show. GDP per capita is estimated at $5,690 in nominal terms and $18,530 on a PPP basis, while inflation is expected to remain contained at 3.7%.

With a population of about 47.4 million, Algeria is the 33rd most populous country globally.The economy is dominated by oil and gas exports, which account for the majority of state revenue, though efforts to diversify into manufacturing and services are slowly taking root. The capital, Algiers, serves as the political and commercial hub.

6. Mauritius

• No of millionaires ($1M+): 4,800

Mauritius is home to about 4,800 millionaires and 14 centi-millionaires, making it one of Africa’s top wealth hubs relative to its size. Its capital, Port Louis, serves as the political and financial center of the island nation.

This tourist thriving country has a population of 1.27 million, and is projected to grow by 3% in 2025, driven by tourism, financial services, and technology. The country’s nominal GDP is estimated at $15.5 billion, translating to $12,330 per capita. In purchasing power parity (PPP) terms, GDP reaches $41.35 billion, or $32,910 per capita, representing 0.02% of global output. Inflation is forecast at 3.6%, reflecting stable macroeconomic conditions and prudent policy management.

5. Kenya

• No of millionaires ($1M+): 6,800

Kenya is home to about 6,800 millionaires and 16 centi-millionaires, reflecting its position as one of East Africa’s leading financial and entrepreneurial hubs. Its capital, Nairobi, is both the political center and a regional economic powerhouse. The country’s population in 2025 is estimated at 57.5 million people at mid-year, which represents about 0.70% of the total world population.

The economy is projected to expand by 4.8% in 2025, supported by services, agriculture, and infrastructure investments. Kenya’s nominal GDP is estimated at $131.67 billion, translating to about $2,470 per capita. In purchasing power parity (PPP) terms, GDP rises to $401.97 billion, or $7,530 per capita, accounting for 0.19% of global output. Inflation is expected to average 4.1%, reflecting moderate price pressures amid steady growth.

4. Nigeria

• No of millionaire ($1M+): 7,200

Nigeria is home to about 7,200 millionaires, 20 centi-millionaires and four billionaires, making it one of Africa’s wealthiest nations by number of high-net-worth individuals. Its political capital is Abuja, while Lagos serves as the country’s commercial hub and one of Africa’s most expensive cities, hosting influential residents such as billionaire businessman Femi Otedola and Aliko Dangote, Africa’s richest man.

The country’s population in 2025 is estimated at 237.5 million people, equivalent to 2.89% of the total world population. Nigeria’s economy is projected to grow by 3%, with nominal GDP at $188.27 billion and per capita income of just $807, proving structural challenges.

In purchasing power parity (PPP) terms, GDP reaches $1.58 trillion, or $6,790 per capita, accounting for 0.77% of global output. Inflation remains a major concern, averaging 26.5%, one of the highest in the region.

3. Morocco

• No of millionaires ($1M+): 7,500

With 7,500 millionaires, 35 centi-millionaires and four billionaires, Morocco stands out as one of North Africa’s rising wealth hubs. The country of 38.4 million people, with Rabat as its capital, blends ancient traditions with a modernizing economy.

Its historic medinas, bustling souks, and the backdrop of the Atlas Mountains are as much a part of its identity as its growing industries.

Beyond its cultural appeal, Morocco is building a resilient economy. By end of 2025, its GDP is expected to reach $165.84 billion, supported by thriving sectors in tourism, agriculture, and manufacturing.

On a per capita basis, citizens earn around $4,400, but purchasing power parity lifts that to over $11,000. Growth remains steady at 3.9%, while inflation is contained at 2.2%, showing Morocco’s reputation as a relatively stable market within Africa.

2. Egypt

• No of millionaires ($1M+): 14,800

Egypt is home to 14,800 millionaires, 49 centi-millionaires and seven billionaires, making it one of Africa’s strongest wealth markets. With a population of 118.4 million people, it ranks as the 13th most populous country in the world. Its capital, Cairo, remains a bustling hub of history and commerce, with the pyramids, the Nile River, and the Suez Canal serving as both cultural symbols and economic lifelines.

Economically, Egypt is highly diversified, relying on tourism, agriculture, and transit revenues from the Suez Canal. By 2025, its GDP is projected at $347.34 billion, supported by 3.8% growth. On a per-capita basis, Egyptians earn about $3,170, though purchasing power parity lifts that figure to $21,670, reflecting the strength of domestic consumption.

Still, Egypt faces economic headwinds: inflation is expected to surge to 19.7%. Despite these pressures, its role as a gateway between Africa and the Middle East ensures that Egypt remains a vital player in the continent’s wealth landscape.

1. South Africa

• No of millionaires ($1M+): 41,100

Pretoria, the capital of South Africa, sits at the heart of one of Africa’s most advanced and diverse economies. The country has a population of 64.7 million, ranking it as the 24th most populous nation in the world.

South Africa is home to 41,100 millionaires, 112 centi-millionaires (individuals with wealth above $100 million), and 8 African billionaires, making it the continent’s wealthiest hub in terms of high-net-worth individuals.

The economy is powered by its mining sector, financial services, and manufacturing base, complemented by rich biodiversity and global tourism attractions such as the Cape Winelands and Kruger National Park.

By 2025, South Africa’s GDP at purchasing power parity (PPP) is projected at $2.37 trillion, contributing 1.15% of global output, with a per capita PPP income of $21,670.

However, consumer prices are forecast to rise sharply, with inflation averaging 19.7%. At market exchange rates, GDP is valued at $347.34 billion, underpinned by a 3.8% real growth rate.

Source: https://nairametrics.com/2025/08/28/top-15-african-countries-with-highest-no-of-millionaires-worth-1m-and-above-in-2025/16/#split_content

There is great problem in Nigeria .

Dangote is the richest man in Africa, yet Nigeria ended up with 4th position, very far behind Egypt and South Africa

This is why I keep telling people to stop celebrating nonsense.. One of the characteristics of a successful society is the number of people doing well in such society, not celebrating the success of one person, to cap it all, the top three countries even have lesser population than Nigerian..

What a mess !!!

There are some millionaires/billionaires that can never make the list. Not even local list self

Nawa ooo....this country is poor oo


As big as this country?

This statistics is wrong. $1m is just N1.6b..... people wey dey inside market wey get this money for Nnewi alone pass 2000. Onitsha 2000. Alaba 2000, Ariaria 2000, Idumota 1000 Kano Sabon Gari 5000, Abuja 10,000, .... Etc

Lol even yahoo boys wey get $1m pass that figure for Nigeria alone. Dey play.

Oh, that one country will get the masses 😠

How about we stick the knife in- deeper and bring-out the millionaire race stats in multi-racial countries to make this even more interesting 🤔

wanimo:
This statistics is wrong. $1m is just N1.6b..... people wey dey inside market wey get this money for Nnewi alone pass 2000. Onitsha 2000. Alaba 2000, Ariaria 2000, Idumota 1000 Kano Sabon Gari 5000, Abuja 10,000, .... Etc

You may be correct, but if the wealth is not verifiable and traceable to legitimate business they wouldn’t be considered.

How did they get their data?


Nigeria own is very wrong because it's actually more than that figure.


How did they know my worth?

Most young Nigerians of today like myself have most of our savings in digital wallets like crypto, etc. Some in real estate investments.


This data is wrong just like Forbes data mostly based on publicly listed company hares holding

Lionessza6:
Oh, that one country will get the masses 😠

How about we stick the knife in- deeper and bring-out the millionaire race stats in multi-racial countries to make this even more interesting 🤔

The data they used just like Forbes' rich list data in Africa is wrong, very wrong.

You can never get people's real or actual net worth data in Africa, especially in Subsahara African nations, it's very difficult and that invalidates this result. This can only be an estimate or projected list cos many that are worth more than this will be left out.


For instance, how were they able to track my own net worth to start with when I have almost 20% of my personal savings in crypto wallets and real estate properties?


My small company now have a physical product selling branch or division, how were they able to calculate the worth of those products/goods in my small company's warehouse? Including that of hundreds of other small business and company owners in Nigeria; including those in popular Nigerian markets in Lagos, Onitsha, Kano, Aba, etc?

The Nigerian estimate is grossly inadequate. Even after the civil war many traders, not to talk of business men in Nigeria, were operating businesses worth 1m USD. Also, the meteoric rise in the value of landed assets in Nigeria has put a lot of Nigerians within the million dollar mark.

Someone so unassuming with a plot of land by a major highway in some parts of Nigeria is easily worth between N200m and 500m. A lot have multiples of such assets.

wanimo:
This statistics is wrong. $1m is just N1.6b..... people wey dey inside market wey get this money for Nnewi alone pass 2000. Onitsha 2000. Alaba 2000, Ariaria 2000, Idumota 1000 Kano Sabon Gari 5000, Abuja 10,000, .... Etc

Don't mind them. Very flawed statistics. However, I think the reason many notable achievements don't get heard of or recorded in Nigeria is because we operate a largely informal economy. A lot of wealth that people hold don't get formally captured.

The statistics maybe right. A home that is not worth more than 15000 dollars in Nigeria is worth over 100k dollars in South Africa

Ezeama400:
There is great problem in Nigeria .

Dangote is the richest man in Africa, yet Nigeria ended up with 4th position, very far behind Egypt and South Africa

This is why I keep telling people to stop celebrating nonsense.. One of the characteristics of a successful society is the number of people doing well in such society, not celebrating the success of one person, to cap it all, the top three countries even have lesser population than Nigerian..

What a mess !!!

This is an eye opener to all the awon owo broda mi ni..They will never hustle they are only good at praise singing others achievements but leave in Abject poverty..This statistics is just a pure representation of the Nigerian situation, when a particular people brags with Forbes billionaires that are less than five, but the entire population is as poor as mosque rat.

But the others who don't have Forbes billionaires have enough millionaires per spread, no wonder Anambara state boost of the highest number of commercial banks concentration in Nigeria outside Lagos.

kaltonga:
This is an eye opener to all the awon owo broda mi ni..They will never hustle they are only good at praise singing others achievements but leave in Abject poverty..This statistics is just a pure representation of the Nigerian situation, when a particular people brags with Forbes billionaires that are less than five, but the entire population is as poor as mosque rat.

But the others who don't have Forbes billionaires have enough millionaires per spread, no wonder Anambara state boost of the highest number of commercial banks concentration in Nigeria outside Lagos.

You have summarised it all

Ezeama400:
There is great problem in Nigeria .

Dangote is the richest man in Africa, yet Nigeria ended up with 4th position, very far behind Egypt and South Africa

This is why I keep telling people to stop celebrating nonsense.. One of the characteristics of a successful society is the number of people doing well in such society, not celebrating the success of one person, to cap it all, the top three countries even have lesser population than Nigerian..

What a mess !!!

It simply means there are many more millionaires yet to be made in Nigeria. Our youth should hustle more and stop waiting for palliatives.

We also need to be looking at millionaires to population ratio. Certainly Nigeria is the most populous of these nations

Ezeama400:
There is great problem in Nigeria .

Dangote is the richest man in Africa, yet Nigeria ended up with 4th position, very far behind Egypt and South Africa

This is why I keep telling people to stop celebrating nonsense.. One of the characteristics of a successful society is the number of people doing well in such society, not celebrating the success of one person, to cap it all, the top three countries even have lesser population than Nigerian..

What a mess !!!

Only enlightened people will understand you.

franchasng:
The data they used just like Forbes' rich list data in Africa is wrong, very wrong.

You can never get people's real or actual net worth data in Africa, especially in Subsahara African nations, it's very difficult and that invalidates this result. This can only be an estimate or projected list cos many that are worth more than this will be left out.


For instance, how were they able to track my own net worth to start with when I have almost 20% of my personal savings in crypto wallets and real estate properties?


My small company now have a physical product selling branch or division, how were they able to calculate the worth of those products/goods in my small company's warehouse? Including that of hundreds of other small business and company owners in Nigeria; including those in popular Nigerian markets in Lagos, Onitsha, Kano, Aba, etc?

So why complain?"we are all victims of the same system, no"?

franchasng:
The data they used just like Forbes' rich list data in Africa is wrong, very wrong.

You can never get people's real or actual net worth data in Africa, especially in Subsahara African nations, it's very difficult and that invalidates this result. This can only be an estimate or projected list cos many that are worth more than this will be left out.


For instance, how were they able to track my own net worth to start with when I have almost 20% of my personal savings in crypto wallets and real estate properties?


My small company now have a physical product selling branch or division, how were they able to calculate the worth of those products/goods in my small company's warehouse? Including that of hundreds of other small business and company owners in Nigeria; including those in popular Nigerian markets in Lagos, Onitsha, Kano, Aba, etc?

Yes ,my I'm now obidient

Lionessza6:
So why complain?"we are all victims of the same system, no"?

Yes but these lists only favor those in the organized sector with publicly listed shares which makes it possible for their net worth data to be captured whereas they may not be the richest in reality.


And why I complained about Nigeria is because South Africa and some other North African countries have more accurate data to capture this type of statistics than Nigeria.

Great100000:
Source: https://nairametrics.com/2025/08/28/top-15-african-countries-with-highest-no-of-millionaires-worth-1m-and-above-in-2025/16/#split_content

Incorrect...there are more $1mil millionaires in naija than any other african country.personally ano at least 15

If Biafra isn't on the the list then the enemies are at work.




An average Biafran is a millionaire in naira at least

If the cost of living is high, per capita income will be high and the number of millionaires will be high but what they own don't really have the value in reality. Remember North Korea has a per capita income of USD 1500 and they eat well, dress well, live in quality houses, drive cars and use smart phones

Ha.. African Giant is not even top three. What a shame.

Ezeama400:
There is great problem in Nigeria .

Dangote is the richest man in Africa, yet Nigeria ended up with 4th position, very far behind Egypt and South Africa

This is why I keep telling people to stop celebrating nonsense.. One of the characteristics of a successful society is the number of people doing well in such society, not celebrating the success of one person, to cap it all, the top three countries even have lesser population than Nigerian..

What a mess !!!

They will call you IPOB and tell you to go back to Anambra from saying this.

Nobody counted me, the list is not complete. Nobody counted me nobody nobody nobody nobody nobody

Nigeria is definitely underestimated. Certainly there is an error.

Lionessza6:
Oh, that one country will get the masses 😠

How about we stick the knife in- deeper and bring-out the millionaire race stats in multi-racial countries to make this even more interesting 🤔

what difference does it make though ?
Its just me wondering

[b]

kingsavage:
Lol even yahoo boys wey get $1m pass that figure for Nigeria alone. Dey play.

thankGod you mention "Yahoo boy"...illegal money cant be recognized

If we add millionaires who got their millions from looting the state treasury, Nigeria will top this list.

Can we check the top African countries with the highest number of black millionaires?

But who them help?? Who African millionaires or billionaires help?