Africa's 5 Richest Nations Tighten Grip on Continent's Millionaire Wealth

South Africa has retained its position as Africa’s wealthiest country, with 41,100 US dollar millionaires accounting for about a third of the continent’s affluent population, underlining the country’s dominance despite years of sluggish economic growth.

Egypt ranks second with 14,800 millionaires, followed by Morocco with 7,500, Nigeria with 7,200 and Kenya with 6,800.

Together, the five economies are home to nearly two-thirds of Africa’s estimated 122,500 dollar millionaires, highlighting the concentration of private wealth in a handful of countries.

The latest rankings show no change from the previous year, with South Africa, Egypt, Morocco, Nigeria and Kenya maintaining their positions as the continent’s leading wealth hubs.

Strong financial markets, diversified economies, established banking sectors and relatively mature investment environments continue to attract and retain high-net-worth individuals.

“Despite steady growth, Africa’s wealth creation remains modest compared with advanced economies. The continent adds only a few dozen new dollar millionaires each day, far below the pace seen in the United States,” said the report.

The contrast is highlighted in the UBS Global Wealth Report 2026, which found that the United States produced 441,078 new US dollar millionaires between 2024 and 2025, equivalent to more than 2,680 new millionaires every day.

The surge was driven by strong equity market gains, rising asset values and sustained investor confidence, reinforcing the country’s position as the world’s largest generator of private wealth.

Analysts expect Africa’s millionaire population to continue expanding over the coming decade, supported by urbanisation, a growing middle class, technological innovation and increased investment, although progress is likely to remain uneven across the continent as political instability, weak infrastructure and currency volatility continue to weigh on wealth creation in several economies.

news@businessdayafrica.org

Edited by Gerald Wechuli