Nigeria tops Africa’s millionaire losses, but countries like Mauritius, Rwanda, and Morocco recorded strong wealth growth, the African Wealth Report shows
Africa’s millionaire population is shifting sharply, with Nigeria recording the steepest decline, according to the latest African Wealth Report by Henley & Partners. The country lost 3,384 high-net-worth individuals, nearly half of its 7,200 millionaires. South Africa, home to 41,100 millionaires, shed 2,466 (–6%), while Egypt lost 2,220 (–15%).
By contrast, Morocco and Kenya posted gains. Morocco added 3,000 millionaires, a 40 percent rise, while Kenya grew by 952, a 14 percent increase. Collectively, the five leading wealth markets lost 8,070 millionaires while gaining 3,952, underscoring uneven wealth distribution across Africa.
Top 5 Wealth Markets (2015–2025)
South Africa: 41,100 | –2,466 | –6%
Egypt: 14,800 | –2,220 | –15%
Morocco: 7,500 | +3,000 | +40%
Nigeria: 7,200 | –3,384 | –47%
Kenya: 6,800 | +952 | +14%
The report also highlighted long-term growth, with Mauritius (+63%), Rwanda (+48%), and Morocco (+40%) leading. Chief Economist Jean Paul Fabri said: “The rise in Africa’s millionaire class is both a signal and a test…”