Nigeria has taken the unenviable lead as Africa’s wealthiest economies lose over 8,000 millionaires in 10 years. Ten years ago, Nigeria had 7,200 dollar millionaires, but 3,384 of them have lost that status, according to available statistics.

Nigeria ranks fourth in this regard after South Africa and Egypt.

Wealthy individuals often relocate in search of greater security, stable political systems, and stronger protections for their assets. These factors help explain the significant declines in high-net-worth populations in the four referenced countries.

The recent trade tensions between the U.S. and South Africa have put pressure on the nation’s economy, contributing to a degree of millionaire outflow, as highlighted in the latest report.

Nigeria, certain economic policies have similarly prompted the exit of several millionaires, marking the largest recorded decline in the region.

According to the latest African Wealth Report by Henley & Partners, Nigeria tops the list with the largest single decline in millionaires, while South Africa and Egypt also recorded notable decreases.

However, the report also highlighted a gradual overall increase in the number of African millionaires, indicating long-term growth despite declines in some of the continent’s largest economies.

Mauritius, ranked as Africa’s sixth wealthiest country, recorded the strongest high-net-worth individual (HNWI) growth over the past decade at 63%, driven by political stability, tax efficiency, and a robust residence-by-investment program. Rwanda (+48%) and Morocco (+40) also posted significant gains.

Speaking on the findings, Jean Paul Fabri, Chief Economist at Henley & Partners, noted, “The rise in Africa’s millionaire class is both a signal and a test. It signals that, despite challenges, wealth is being created and retained in key markets. But it also tests the continent’s ability to translate private wealth growth into broad-based economic transformation.”

Top 5 African Wealth Markets: Millionaire Retention (2015–2025)

The table below highlights the top five African wealth markets and their performance in retaining millionaires between 2015 and 2025.

Country Dollar Millionaires Millionaires Lost Millionaires Gained Change (%)

South Africa 41,100 2,466 0 -6%

Egypt 14,800 2,220 0 -15%

Morocco 7,500 0 3,000 40%

Nigeria 7,200 3,384 0 -47%

Kenya 6,800 0 952 14%

South Africa, home to the largest number of millionaires at 41,100, experienced a modest 6 percent decline, equating to a loss of 2,466 high-net-worth individuals.

Egypt followed a similar pattern, with its 14,800 millionaires shrinking by 15 percent, representing a reduction of 2,220.

Nigeria suffered the steepest drop among the five countries, losing nearly half of its 7,200 millionaires, a total of 3,384 individuals.

By contrast, Morocco and Kenya bucked the downward trend. Morocco saw a substantial 40 percent increase, adding 3,000 millionaires to its 7,500-strong population, while Kenya experienced a more moderate rise of 14 percent, gaining 952 new millionaires on its existing 6,800.

Taken together, these five countries lost a total of 8,070 millionaires while gaining 3,952, highlighting both the volatility and uneven distribution of wealth across Africa’s top economies.

The data clearly shows how different countries are navigating economic pressures, investment climates, and policy environments, resulting in contrasting outcomes in wealth accumulation and retention. (Adapted from a report by Business Insider Africa)