Scope to up climate capital flows to 5 richest African nations

There is growing scope for investment migration frameworks to fund climate adaptation in Africa, says a new report

Africa’s investment narrative is increasingly shaped by innovation and sustainability, according to the recently released The Africa Wealth Report 2025.

As an example of this, the report by Henley & Partners cites Google’s recently announced $25 million African food security and AI initiative which “underscores rising global interest in funding the continent’s small and medium enterprises, which account for 80% of jobs but often lack access to capital.”

Commenting in the report, Nontobeko Ndhlazi, Group Chief Financial Officer at WIPHOLD, said Africa’s youthful demographic was a potential advantage if properly harnessed. 

“The full potential of this social dividend, where approximately half of Africa’s youth are women, holds immense possibilities. African women, particularly those in rural areas, play a crucial role in the broader agricultural sector. Many have developed an inherent understanding of environmental sustainability, making them de facto environmental managers.”

The case for increased climate funding in Africa

With Africa generating less than 4% of global carbon emissions but suffering disproportionately from climate change impacts, there is growing scope for investment migration frameworks to fund climate adaptation and green infrastructure. 

The report highlights Nauru’s Economic and Climate Resilience Citizenship Programme as a model for linking economic and environmental goals.

Countries that integrate renewable energy, sustainable agriculture and resilience projects into their investment migration offerings can secure both economic and environmental gains, the report notes.

Jean Paul Fabri, Chief Economist at Henley & Partners, said Africa’s growing millionaire class was 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 turn private wealth growth into broad-based economic transformation.

“For Africa, the goal is not merely to count millionaires, but to build a wealth ecosystem where prosperity is self-reinforcing. Where opportunity expands, capital circulates locally, and the continent becomes not just a participant, but a leader, in the global wealth story.”

Africa’s wealthiest countries

The report highlights that following a strong past year, South Africa now accounts for 34% of Africa’s millionaires.

This is roughly equal to the next five wealthiest countries combined – South Africa leads Africa’s Big 5 wealth markets:

• South Africa (41,100 millionaires)
• Egypt (14,800)
• Morocco (7,500)
• Nigeria (7,200)
• Kenya (6,800)

 

Together these countries represent 63% of the continent’s millionaires and 88% of its billionaires.

Mauritius, the sixth wealthiest country in Africa, has recorded the continent’s strongest High-Net-Worth Individual (HNWI) growth over the past decade at +63%, driven largely by its political stability, tax efficiency and a robust residence by investment programme.

Rwanda (+48%) and Morocco (+40%) have also posted strong gains, while Nigeria’s millionaire population has contracted sharply by -47%, with Angola (-36%) and Algeria (-23%) likewise in decline.

Richest cities in Africa

At the city level, with 11,700 resident millionaires, Johannesburg holds onto the top spot as Africa’s wealthiest city, anchored by the Sandton business district and luxury residential enclaves in the up-and-coming Waterfall–Midrand area.

However, Cape Town, placed second with 8,500 HNWIs, has emerged as the continent’s leader in centi-millionaires, with 35 super wealthy individuals calling it home. The “Mother City” is also Africa’s most expensive prime real estate market at $5,800 per m² and is on track to overtake Johannesburg in total wealth by 2030.

Cairo ranks third with 6,800 HNWI and has the highest concentration of billionaires in Africa, with five in residence, while East Africa’s economic powerhouse Nairobi in fourth place has 4,200 millionaires, accounting for almost half of Kenya’s total private wealth.

Commenting in the report, best-selling author and leading political analyst Justice Malala said: “Africa’s story remains one of dualities. Its economic trajectory reveals resilience and promise, bolstered by institutional innovation and growing investor confidence. Yet these exist alongside deep political fractures and governance setbacks.

“If African leadership can harness the momentum of economic growth while tackling political dysfunction with equal resolve, the continent may yet turn this moment of paradox into one of transformation.”

Fastest growing millionaire hotspots

Several wealth hubs have far outpaced continental averages, says the report.

The Black River district in Mauritius tops the list with 105% millionaire growth over the past decade, followed by Marrakech (+67%), and South Africa’s Whale Coast (+50%). 

The report also notes that the Cape Winelands region (+42%), encompassing Stellenbosch, Franschhoek and Paarl, continues to attract wealthy retirees and second-home buyers, supported by strong lifestyle and education credentials. Cape Town (+33%) rounds out the Top 5.

Cover photo:  The Johannesburg skyline. Source: FlyRwandAir/X