Ghana has emerged as one of Africa’s leading wealth hubs, with 2,600 dollar millionaires as of June 2025, according to the newly released Africa Wealth Report 2025.
The figure places Ghana 8th on the continent’s millionaire rankings, behind Algeria, which has 2,700 millionaires, and ahead of Namibia with 2,500.
Africa’s wealth rankings
The report, compiled by international wealth advisory firm Henley & Partners in collaboration with wealth intelligence company New World Wealth, shows South Africa remains the undisputed leader, boasting 41,100 millionaires — accounting for 34% of Africa’s millionaire population, roughly equal to the next five wealthiest countries combined.
South Africa is followed by Egypt with 14,800 millionaires, Morocco (7,500), Nigeria (7,200), and Kenya (6,800).
Together, these “Big 5” represent 63% of Africa’s millionaires and 88% of its billionaires.
Mauritius, ranked 6th with 4,900 millionaires, has seen the fastest growth on the continent, recording a remarkable +63% rise in its high-net-worth individual (HNWI) population over the past decade.
Other notable countries include Ethiopia (2,400 millionaires), Angola (2,300), Tanzania (2,100), Côte d’Ivoire (2,000), Botswana (1,700), Uganda (1,600), Rwanda (1,000), Zambia (1,000), and Seychelles, which has the continent’s smallest millionaire base at 500.
Continental wealth snapshot
Africa is currently home to 122,500 millionaires, 348 centi-millionaires, and 25 billionaires, the report reveals.
Despite political instability in some regions, Africa’s millionaire population is expected to grow by 65% over the next decade, driven by sectors such as fintech, eco-tourism, software development, green technology, e-commerce, rare metals mining, and healthcare.
Wealth trends vary widely across the continent. Rwanda has posted a +48% rise in millionaires over the last 10 years, Morocco is up +40%, while Nigeria has seen a sharp -47% contraction, followed by Angola (-36%) and Algeria (-23%).
Cities of wealth
At the city level, Johannesburg leads with 11,700 millionaires, while Cape Town follows with 8,500 and an impressive 35 centi-millionaires, making it Africa’s leading hub for ultra-wealthy individuals.
Cairo is third with 6,800 millionaires, including 5 billionaires, while Nairobi ranks fourth with 4,200, representing nearly half of Kenya’s total.
Cape Town is also Africa’s most expensive prime real estate market, with prices averaging USD 5,800 per square metre. Analysts project that Cape Town could overtake Johannesburg in total wealth by 2030.
Africa’s economic edge
Despite global uncertainty, Sub-Saharan Africa’s economy is forecast to expand by 3.7% in 2025, outpacing both Europe (0.7%) and the United States (1.4%).
Growth is expected to rise further to 4.1% in 2026, reinforcing Africa’s growing importance in global wealth creation.
Dominic Volek, Group Head of Private Clients at Henley & Partners, noted that Africa’s resilience and expanding HNWI base position the continent as a “key player in the evolving global wealth landscape.”
The bigger picture
While rising wealth signals progress, analysts caution that Africa’s challenge lies in converting private wealth into broad-based prosperity.
“The rise in Africa’s millionaire class is both a signal and a test,” said Jean Paul Fabri, Chief Economist at Henley & Partners.
“It signals that despite challenges, wealth is being created and retained. But it also tests the continent’s ability to turn wealth into economic transformation.”
For Ghana, with its 2,600 millionaires, the challenge now is to leverage its place among Africa’s top 10 wealthiest nations into long-term investment, inclusive growth, and sustainable prosperity.
