By Emmanuel Nduka
Africa witnessed a notable rise in the number of millionaires in 2025, reflecting a broader global wealth boom driven by strong financial markets, technological innovation and easing inflation, according to a new global wealth report.
The 2026 World Wealth Report released by the Capgemini Research Institute revealed that the number of high-net-worth individuals (HNWIs) across the continent grew by 4.1 per cent last year. The report defines HNWIs as individuals with at least $1 million in investable assets, excluding their primary residence.
Globally, wealth held by millionaires reached a record $98.3 trillion in 2025, marking an 8.7 per cent increase from the previous year. The worldwide population of millionaires also expanded by nearly two million people, rising to 25.3 million.
Analysts attributed the growth to strong performances in global equity markets, gains in artificial intelligence-related technology stocks and a decline in inflationary pressures that boosted investor confidence across key economies.
Within Africa, Morocco emerged as the continent’s strongest performer, recording a 16.8 per cent increase in the number of wealthy individuals. The report linked the kingdom’s impressive growth to the expansion of its financial services sector, rising real estate values and a growing pool of ultra-wealthy investors benefiting from the country’s increasingly diversified private sector.
The report also highlighted the role of rising precious metal prices in driving wealth creation across Africa. Many resource-rich economies benefited from higher values of commodities such as gold and other minerals, helping to strengthen investment portfolios and private fortunes.
Despite the increase in wealth creation, the report underscored persistent inequality among the world’s richest individuals. It found that wealth remains heavily concentrated, with just one per cent of high-net-worth individuals controlling 34.8 per cent of the total wealth held by the group.
The findings come amid ongoing debates about economic inclusion and income disparity across Africa, where rapid wealth accumulation among a small segment of the population often contrasts sharply with widespread poverty and unemployment.
Economic experts say the challenge for African governments will be translating rising private wealth into broader economic opportunities through investments, job creation and policies that promote inclusive growth.
The report suggests that while Africa’s millionaire population is growing steadily, the continent still faces the task of ensuring that economic gains extend beyond a narrow elite and contribute to sustainable development for a larger share of its population.
