Wealth of Africa's Richest Grows 4.1%

Morocco recorded the fastest growth in the number of millionaires across Africa in 2025, according to the latest Global Wealth Report published by the Capgemini Research Institute, underscoring the country's emergence as one of the continent's most dynamic wealth-creation hubs.

The report found that the global wealth held by high-net-worth individuals (HNWIs) reached a record $98.3 trillion in 2025, representing an 8.7% increase from the previous year. The expansion was driven by strong performance in global equity markets and growing investment activity linked to artificial intelligence technologies.

According to the study, the number of individuals with investable assets exceeding $1 million, excluding their primary residence, increased by approximately 2 million people during 2025, reaching 25.3 million worldwide.

Researchers attributed the growth to several factors, including soaring valuations of technology companies, particularly those benefiting from the artificial intelligence boom, as well as easing inflation across several major economies, which helped support financial markets and boost investment portfolios.

Across Africa, the number of high-net-worth individuals increased by 4.1% during 2025, reflecting continued wealth accumulation despite ongoing economic and geopolitical challenges in parts of the continent.

Here is a list of top 10 African countries with the most millionaires:

1.  South Africa — about 42,000 millionaires

Example: Johann Rupert

2.  Egypt about 16,000 millionaires

Example: Nassef Sawiris

3.  Nigeria about 10,000 millionaires

Example: Aliko Dangote

4.  Kenya about 7,200 millionaires

Example: Chris Kirubi

5.  Morocco about 6,800 millionaires

Example: Othman Benjelloun

6. Mauritius about 5,400 millionaires

Example: Arnaud Lagesse

7.  Algeria about 2,800 millionaires

Example: Issad Rebrab

8.  Ethiopia about 2,700 millionaires

Example: Mohammed Al Amoudi

9.  Ghana about 2,400 millionaires

Example: Sir Sam Jonah

10.  Tanzania about 1,500 millionaires

Example: Mohammed Dewji

Morocco emerged as the continent's strongest performer, posting a 16.8% increase in its population of high-net-worth individuals, the fastest growth rate recorded among African countries.

The report highlighted several factors behind Morocco's exceptional performance, including the expansion of the financial services sector, rising real estate valuations, and the growing number of wealthy entrepreneurs and investors across diverse segments of the private sector.

Analysts noted that Morocco's increasingly sophisticated financial ecosystem and sustained investment activity have contributed to creating favorable conditions for wealth generation and capital accumulation.

The report also pointed to rising prices for precious metals as a key driver of wealth growth in several African economies, particularly those with significant exposure to mining and natural resources.

Higher commodity values boosted the fortunes of investors and affluent individuals across resource-rich markets, reinforcing broader trends in wealth creation throughout the continent.

Despite the record increase in global wealth, the report warned that wealth concentration continues to intensify.

According to the findings, just 1% of high-net-worth individuals account for approximately 34.8% of the total capital held by the global wealthy population, highlighting the persistent imbalance in wealth distribution worldwide.

The data underscores a broader global trend in which gains from financial markets, technology investments, and appreciating assets continue to accrue disproportionately to a relatively small segment of investors.