While sometimes disappointing for optimists, a report looking at the continent predicts a significant rise in the number of HNW individuals in coming years – with important implications for wealth managers and banks.

The number of millionaires in Africa is expected to rise by 65 per cent over the next decade, from its current cohort of 348 centi-millionaires and 122,500 millionaires, according to Henley & Partners, a firm advising wealthy people about areas such as HNW residency.

Sub-Saharan Africa’s economy is forecast to grow by 3.7 per cent in 2025 – outpacing Europe’s meagre 0.7 per cent rise, and that of the US, at 1.4 per cent. African GDP growth is expected to reach 4.1 per cent in 2026. 

“The investment migration sector is now working both ways, with African investors seeking greater global mobility and diversification while international investors are increasingly identifying Africa as a destination for long-term, stable capital deployment,” Dominic Volek, group head of private clients at Henley & Partners, said. 

Henley & Partners issued a report on African wealth trends alongside New World Wealth. 

Such a report, even read with caution, given Africa’s volatile history at times, may suggest that after decades of being seen as a challenging market, Africa is as much a source of rising wealth as a destination for certain investments. 

The report said South Africa accounts for 34 per cent of Africa’s millionaires – about equal to the next five wealthiest countries combined – and with 41,100 millionaires, it leads Africa’s Big 5 wealth markets of Egypt (14,800 resident millionaires), Morocco (7,500), Nigeria (7,200), and Kenya (6,800), which together represent 63 per cent of the continent’s millionaires and 88 per cent of its billionaires.

Mauritius, the sixth wealthiest country in Africa, has recorded the continent’s strongest HNW individual growth over the past decade at +63 per cent. Rwanda (+48 per cent) and Morocco (+40 per cent) have also posted strong gains, while Nigeria’s millionaire population has contracted sharply by 47 per cent, with Angola (-36 per cent) and Algeria (-23 per cent) likewise in decline.

“Africa’s story remains one of dualities. Its economic trajectory reveals resilience and promise, bolstered by institutional innovation and growing investor confidence. Yet these exist alongside deep political fractures and governance setbacks,” writer and political analyst Justice Malala said. “If African leadership can harness the momentum of economic growth while tackling political dysfunction with equal resolve, the continent may yet turn this moment of paradox into one of transformation.”