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.
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.
