South Africa is seeing a worrying trend: over the past decade, more than 2 400 millionaires have left the country.
The newly released Africa Wealth Report 2025 sheds light on the challenges the nation faces in retaining its wealthiest residents, raising questions about the long-term stability of its high-net-worth community.
Africa’s Largest Wealth Market Still Shines
Despite this decline, South Africa remains Africa’s largest wealth market.
The country is home to 41 100 millionaires, 112 centi-millionaires (those with over $100 million in assets), and eight billionaires.
However, the total number of high-net-worth individuals (HNWI) has dropped by 6% over the past ten years—a notable shrinkage compared to the growth seen in other African nations.
African Countries Seeing Wealth Surge
While South Africa experiences a decline, several other African countries are thriving in terms of wealthy populations.
Mauritius leads the way with a 63% increase, followed by Rwanda (48%), Morocco (40%), and Kenya (35%).
Overall, the continent now boasts 25 billionaires, 348 centi-millionaires, and 122 500 millionaires—a number expected to grow by 65% over the next decade.
South Africa, Egypt, Morocco, Nigeria, and Kenya collectively account for 63% of Africa’s millionaires and 88% of its billionaires, reinforcing their dominance in the continent’s wealth landscape.
Why Millionaires Are Leaving South Africa
The report points to several reasons why South Africa is losing its wealthy residents:
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Rising crime and security concerns
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Deteriorating public services, especially in education and healthcare
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Political uncertainty and economic volatility
Globally, high-net-worth individuals often relocate to “safe-haven” countries that provide security, stability, and favorable regulations for investors.
For South African millionaires, top destinations include Australia, Switzerland, Mauritius, Singapore, the UAE, New Zealand, and Malta.
Mauritius: Africa’s Wealth Magnet
Mauritius has emerged as the continent’s fastest-growing wealth hub, attracting investors with political stability, a strong residence-by-investment program, tax efficiency, and an investor-friendly business climate.
These factors make it a compelling choice for South African millionaires seeking safer, more predictable environments.
Looking Ahead: Concerns for South Africa
While South Africa remains a dominant player in Africa’s wealth market, the continued exodus of its richest citizens raises concerns about the country’s economic trajectory.
Experts warn that if issues like security, infrastructure, and policy uncertainty persist, more millionaires could leave, taking investment, talent, and capital with them—potentially slowing future growth.
Africa’s Millionaire Landscape in Numbers
| 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 |
| Côte 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 |
The numbers are rounded to the nearest 100 and reflect rankings as of June 2025.
