(Ecofin Agency) - • 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.