• Africa projected to see 17.8% growth in number of individuals with $10 million+ net worth by 2028.
• This rate is more than twice the global average and higher than growth in North America and Asia.
• Report credits rising infrastructure, natural resources, and expanding middle class as key drivers.
Africa is expected to witness the fastest rise in the number of high-net-worth individuals (HNWIs) in the world by 2028, according to a new report released in March 2025 by the global real estate and wealth advisory firm Knight Frank.
Thanks to a powerful mix of natural resources, rapidly improving infrastructure, and a growing middle class, the continent is creating new opportunities across both manufacturing and services. These conditions are proving ideal for wealth creation.
In its Wealth Report 2025, Knight Frank estimates that the number of wealthy individuals in Africa, defined as those with a net worth of at least $10 million, will increase from 19,496 at the end of 2024 to 22,964 by 2028. That is a rise of 17.8% over four years.
This growth rate is the highest forecasted globally and is nearly three times the expected pace in North America (5.8%) and twice the average global increase of 6.9%. Even Asia, another fast-developing wealth center, is projected to trail behind at 8.7%.
The report also noted that Africa already added around 5% more ultra-wealthy individuals in the past year, growing from 18,629 at the end of 2023 to 19,496 by the end of 2024. Together, their total wealth was estimated at $409 billion.
Globally, the population of people with at least $10 million to their name rose by 4.4% in 2024, reaching over 2.34 million individuals.
The United States remains the world’s leading hotspot for wealth, with nearly 40% of the global HNWI population residing there. China follows with 20%, while Japan is the only other country where wealthy individuals make up more than 5% of the global total.
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
Flutterwave gained a BCEAO license to operate in Senegal, expanding to 35 African countries. ...
In Africa, the private sector is widely seen as the main engine of industrialization and plays a cen...
President Paul Biya, 92, to seek eighth term in October 2025 election In power since 19...
• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...
Highlights: • New 1% US tax on outbound remittances to take effect January 1, 2026• Africa received $100 billion in remittances in 2023, outpacing...
Highlights: • Kobold Metals signed an agreement in principle with the DRC government on July 17, 2025.• The deal includes the Manono lithium project,...
Highlights: • Global cocoa processing down across all major regions in Q2 2025• ECA: Europe’s grindings at lowest since 2020, Asia at lowest since...
Highlights: • Egypt targets 42% renewable energy share by 2030.• POWERCHINA to build 130-km high-voltage line signed on June 25.• National grid expansion...
Ashenda is a vibrant traditional festival celebrated primarily in northern Ethiopia, particularly among the Tigray and Amhara communities, as well as in...
The Emerald Sea is a vast turquoise lagoon located in the northern part of Madagascar, just a few kilometers from the town of Antsiranana (formerly Diego...