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Dominic Volek, CA(SA), FIMC, is Group Head of Private Clients and a member of the Executive Committee at Henley & Partners.
The African wealth story remains one of the most compelling yet neglected narratives in global finance. When people think of global wealth centers, they typically envision Swiss private banks, Silicon Valley’s tech titans, London’s hedge fund aristocracy, or the magnets of the UAE, Singapore, and Hong Kong. Yet the world’s wealth landscape is rapidly changing, and there’s no better example than the African continent. While Europe struggles with just 0.7% growth expected in 2025, and the US economy muddles along at 1.4%, Sub-Saharan Africa is charging ahead at 3.7% with forecasts pointing to 4.1% in 2026. This marks a dramatic reversal from the 20th century, when investment rates across Africa were falling, economies were in decline, and the continent was home to only a few billionaires.
Today, Africa counts 25 billionaires, 348 centi-millionaires, and 122,500 millionaires and growing. Although this remains modest by global benchmarks, it’s the trajectory that matters. And that flightpath is increasingly shaped by investment migration flowing in both directions: African investors seeking international options and global investors discovering African opportunities.
The wealth concentration tells its own story. South Africa leads with 41,100 millionaires, followed by Egypt (14,800), Morocco (7,500), Nigeria (7,200), and Kenya (6,800). What’s particularly interesting is that two of the top 10 wealth markets — Mauritius and Egypt — already operate investment migration programs, essentially playing both sides of the mobility game.
The real action isn’t in the biggest markets; it’s in the fastest growing ones. Mauritius posted 63% millionaire growth over the past decade, outpacing every other African nation. Morocco managed a robust 40%, while the giants stumbled and tumbled: the number of millionaires in South Africa dropped by -6% between 2015 and 2025, and Nigeria’s high-net-worth population fell by an alarming -47%.
Among cities, the fastest-growing wealth hubs include the Black River region of Mauritius (105% growth in their resident millionaire population), Morocco’s luxury hub, Marrakech (67%), and the Cape Whale Coast (50%). Money follows predictability, which Mauritius offers through political stability and tax efficiency.
The African Continental Free Trade Area (AfCFTA) entered its operational phase in January 2021, fundamentally changing the game for capital mobility. This context helps explain why Africa’s investment migration sector now works both ways. Affluent Africans aren’t fleeing, they’re diversifying strategically. Henley & Partners processed applications from investors in 23 of Africa’s 54 countries in the past 18 months, compared to just 12 back in 2020.
African investor interest demonstrates consistent momentum: after growth of 33.3% (2020–21), 22.9% (2021–22), and 30.2% (2022–23), enquiries to Henley & Partners for alternative residence and citizenship rights surged by 50% in 2024. South Africa and Egypt have muscled their way into the global top 10 for investment migration applications. Portuguese residence remains the top choice, followed by citizenship programs in Grenada and Antigua and Barbuda. Latvia’s Residence by Investment Program and even Nauru’s Economic and Climate Resilience Citizenship Program are gaining ground. These selections reflect clear priorities: European access for business, Caribbean passports for travel freedom, and geographic diversification across regions.
On the flip side, Africa is becoming a destination, not just a source market. Mauritius proves the concept works: its residence by investment program has helped drive that 63% millionaire growth rate. Egypt runs the continent’s leading citizenship by investment program, starting at USD 250,000. Both programs deliver something governments really need: development capital without adding debt. The West African island nation of São Tomé and Príncipe has also recently launched a citizenship by investment program, starting from USD 90,000, which broadens the continent’s offering to global investors. The funds will be channeled into a National Transformation Fund to support local projects, starting with a renewable energy infrastructure project that will power the entire country.
Google’s recently announced plans to launch a USD 25 million African food security fund and AI initiatives signal an important technology investment in the continent. This matters because it targets Africa’s core challenge: small and medium enterprises which provide 80% of jobs but lack infrastructure, battle currency swings, and can’t access capital.
Climate risk adds another layer. Africa generates less than 4% of global emissions yet bears much more than its fair share of climate impacts. Investment migration programs could finance adaptation without piling on debt. Countries that build green investment categories into their programs can channel foreign money straight into renewable energy, sustainable agriculture, and resilient infrastructure.
Take the Western Cape in South Africa. Despite the country’s overall -6% millionaire decline in the past decade, Cape Town is one of the top five fastest growing wealth hubs in Africa (+33%) and commands the continent’s priciest real estate at USD 5,800 per m2, outdoing Tamarin in Mauritius, which ranks 2nd at USD 4,500 per m2. International investors recognize quality governance, solid infrastructure, and lifestyle appeal — the right ingredients for a successful investment migration program. Morocco’s 40% millionaire growth shows another path forward. Although it has not yet implemented a formal investment migration program, it has created a millionaire magnet through competitive taxes, strategic location, and business-friendly policies.
The World Bank estimates the AfCFTA’s implementation could lift 30 million people out of extreme poverty and boost Africa’s income by USD 450 billion by 2035. Investment migration can help accelerate this process by bringing capital, transferring know-how, and creating jobs. Unlike typical foreign investment that might pull out when markets dip, residence and citizenship investors have skin in the game for the long haul.
By developing well-structured investment migration frameworks, African governments have a unique opportunity to attract long-term foreign capital, retain local wealth, and foster sustainable economic growth.
Henley & Partners assists international clients in obtaining residence and citizenship under the respective programs. Contact us to arrange an initial private consultation.
