South Africa has lost over 2 400 millionaires in the past decade, according to the newly released Africa Wealth Report 2025, highlighting growing concerns about the country’s long-term ability to retain its wealthiest citizens.
Despite still holding the title as the continent’s largest wealth market, with 41 100 millionaires, 112 centi-millionaires (with over $100 million in assets), and eight billionaires, the country’s high-net-worth individual (HNWI) base has shrunk by 6% in the last 10 years.
By comparison, several African nations have seen strong growth in their wealthy populations.
Mauritius led the way with a 63% increase, followed by Rwanda (48%), Morocco (40%), and Kenya (35%).
Africa’s Growing Wealth Base
Across the continent, Africa now boasts:
- 25 billionaires
- 348 centi-millionaires
- 122 500 millionaires
This number is expected to grow by 65% over the next decade, a sharp contrast to the late 20th century, when African economies were largely in decline and wealth concentration was minimal.
Together, South Africa, Egypt, Morocco, Nigeria, and Kenya account for 63% of Africa’s millionaires and 88% of its billionaires, according to the report.
Why South Africa Is Losing Its Wealthy Residents
South Africa’s decline in millionaire numbers is part of a broader trend of HNWI migration, often influenced by factors such as:
- Rising levels of crime and insecurity
- Deteriorating public services, especially in education and healthcare
- Concerns around political instability and economic uncertainty
The report highlights that wealthy individuals globally tend to relocate to so-called “safe-haven countries” that offer security, stability, and investor-friendly regulations.
Top relocation destinations for South Africa’s millionaires include:
- Australia
- Switzerland
- Mauritius
- Singapore
- United Arab Emirates
- New Zealand
- Malta
Mauritius: A Rising Wealth Hub
Mauritius emerged as Africa’s fastest-growing wealth market, driven by:
- Political stability
- A well-regarded residence-by-investment programme
- Tax efficiency
- A focus on attracting foreign investors and professionals
This growth model continues to attract South African millionaires looking for safer and more business-friendly environments.
Looking Ahead
While South Africa remains a dominant player in Africa’s wealth landscape, the outflow of its richest citizens raises red flags about its future economic trajectory.
If security concerns, infrastructure issues, and policy uncertainty persist, experts warn the millionaire exodus could accelerate – taking investment, skills, and capital with it.
| Country | Millionaires ($1m+) |
Centi-millionaires ($100m+) |
Billionaires ($1bn+) |
|---|---|---|---|
| South Africa | 41 100 | 112 | 8 |
| Egypt | 14 800 | 49 | 7 |
| Morocco | 7 500 | 35 | 4 |
| Nigeria | 7 200 | 20 | 3 |
| Kenya | 6 800 | 16 | – |
| Mauritius | 4 800 | 14 | – |
| Algeria | 2 700 | 10 | 1 |
| Ghana | 2 600 | 8 | – |
| Namibia | 2 500 | 4 | – |
| Ethiopia | 2 400 | 7 | – |
| Angola | 2 300 | 6 | – |
| Tanzania | 2 100 | 5 | 1 |
| Cote d’Ivoire | 2 000 | 4 | – |
| Botswana | 1 700 | 4 | – |
| Uganda | 1 600 | 5 | – |
| Rwanda | 1 000 | 3 | – |
| Zambia | 1 000 | 3 | – |
| Mozambique | 800 | 2 | – |
| Seychelles | 500 | 6 | 1 |
| Africa | 122 500 | 348 | 25 |
- Rankings as at June 2025. All statistics in US dollar terms
- Millionaire figures rounded to nearest 100
How close are you to joining this list of dollar millionaires?
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