Nigeria Gets New Position as Ranking Shows Four African Countries Controlling Continent’s Wealth
- Nigeria has been ranked among the four African countries with the highest concentration of millionaires
- The new ranking, which was released recently, said that four African countries have a combined 122,500 millionaires
- According to the report, Nigeria accounts for 70,600 millionaires, but is not the leading country on the continent
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Africa’s millionaire class is increasingly clustered in just a handful of countries.
According to the Africa Wealth Report 2025, published by Henley & Partners in partnership with New World Wealth, South Africa, Egypt, Morocco, and Nigeria together host 70,600 millionaires and 216 centi-millionaires.
Source: Getty Images
That figure represents over half of the continent’s 122,500 millionaires and 348 centi-millionaires, cementing these four nations as Africa’s dominant wealth centres.
The report paints a picture of both growth and fragility: some markets are booming while others are struggling to retain their wealthy populations.
South Africa leads but faces challenges
South Africa remains number one with 41,100 millionaires and 11 centi-millionaires, though its wealthy class has shrunk by 6% in the last decade.
Political uncertainty, sluggish growth, and emigration have contributed to the decline.
Yet, Cape Town bucks the trend, growing its millionaire base by a third in ten years.
It is now home to Africa’s most expensive property market, with prices exceeding $5,800 per square meter, proving that wealth can thrive in pockets despite national economic strain.
Egypt and Morocco on the rise
Egypt follows with 14,800 millionaires and 49 centi-millionaires, fueled by major infrastructure projects, a booming real estate sector, and a citizenship-by-investment program starting at $250,000.
These initiatives have made Egypt a prime destination for investors.
Morocco has also seen remarkable growth, with 7,500 millionaires and 35 centi-millionaires, a 40% increase in a decade.
Marrakech leads the charge, boasting a 67% surge in wealthy residents, cementing its reputation as a hub for luxury, lifestyle, and investment.
Nigeria: Wealth amid challenges
Nigeria, Africa’s biggest economy, presents a more complex story.
The country counts 7,200 millionaires and 20 centi-millionaires, nearly half its tally from ten years ago. A weak currency, capital flight, and poor infrastructure have taken their toll.
However, Lagos remains a bright spot, attracting wealth through finance, technology, and energy.
Despite national headwinds, Nigerian entrepreneurs continue to carve out fortunes, proving that opportunity still exists even in challenging conditions.
Industries driving African wealth
Banking and finance remain the backbone of wealth creation in South Africa and Nigeria, while construction and real estate are key in Egypt and Morocco.
Technology, telecommunications, and natural resources add diversity to the wealth mix, showing the blend of old and new industries shaping Africa’s future.
Migration trends are also significant. Applications for alternative citizenship by wealthy Africans rose 50% in 2024, with Mauritius and Egypt emerging as top destinations alongside Portugal and the Caribbean.
Rising hubs: Kenya and Mauritius
While the big four dominate, new players are emerging. Kenya now boasts 6,800 millionaires, positioning itself as Africa’s fifth wealth heavyweight, while Mauritius is gaining recognition as a stable, investor-friendly haven for high-net-worth individuals.
The African Continental Free Trade Area, expected to add $450 billion to Africa’s income by 2035, could accelerate these shifts, creating new hubs while reinforcing existing ones.
Africa’s next wealth story will be written in the balance between entrenched strongholds and rising contenders.
Oxfam lists four wealthiest Africans
Earlier, Oxfam, the anti-poverty non-governmental organisation, warned that growing inequality is stunting democracy in Africa.
The four wealthiest Africans have more wealth than half of the continent’s population, the report said.
Source: Getty Images
According to Oxfam, the four wealthiest Africans hold about $57.4 billion and are richer than about 50% of Africa’s 750 million people, a recent report released on Thursday, July 10, 2025, by the NGO said.
Dangote retains the richest man in Africa position
Legit.ng earlier reported that Africa is home to some of the world’s most influential business moguls, whose fortunes stretch across industries like cement, telecoms, luxury goods, oil, and mining.
From Nigeria to South Africa and Egypt, these billionaires not only shape their countries’ economies but also play key roles on the global stage.
Here are the top 10 richest people in Africa for 2025
Source: Legit.ng
