Egypt and South Africa are the two biggest hubs for millionaires in the African continent, according to Henley & Partners.

The consultancy firm said that Egypt currently has 14,800 resident millionaires, making it the second-wealthiest state in Africa.

South Africa has emerged as the richest country, with 41,100 millionaires, accounting for more than a third (34%) of the continent’s total millionaire population, noted the consultancy firm, which released on Tuesday its Africa Wealth Report 2025.

The other states that make up Africa’s "Big 5" wealth markets are Morocco, which is home to 7,500 millionaires ; Nigeria, with 7,200 millionaires ; and Kenya, with 6,800.

Together the five countries represent 63 % of Africa’s total millionaire population and 88 % of its billionaires.

At the city level, Johannesburg holds the crown as the richest in Africa, with 11,700 resident millionaires. 

Cape Town is the second-richest with 8,500 high-net-worth individuals (HNWIs), while Cairo holds onto the third spot with 6,800 HNWIs.

Overall, the entire African continent has 122,500 millionaires. It is also home to 348 centi-millionaires and 25 billionaires.

(Writing by Cleofe Maceda ; editing by Seban Scaria seban.scaria@lseg.com)