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Africa’s wealth map is being redrawn. Once cast as a continent struggling to shake off economic decline, it is now emerging as one of the fastest-growing hubs of private wealth in the world.
With its population swelling past 1.5 billion and its economy projected to reach $29 trillion by 2050, Africa is producing millionaires at a pace that rivals more mature markets.
A new Africa Wealth Report 2025 from Henley & Partners and New World Wealth projects a 65% surge in the continent’s millionaire class over the next decade.
The numbers point not just to booming cities and expanding middle classes, but to the rise of Africa as a serious force in global finance.
This article breaks down the 15 African countries that now host the largest number of dollar millionaires’ individuals with investable wealth of $1 million or more offering a closer look at where prosperity is taking root and what it means for the continent’s economic future.
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16. Uganda
No of millionaires($1M+): 1,600
Kampala, the bustling capital of Uganda, stands at the center of the country’s wealth and economic activity. Uganda, home to 51.4 million people, is known globally for its mountain gorillas, the source of the Nile, and the vast Lake Victoria.
The country hosts an estimated 1,600 millionaires and five centi-millionaires (with $100 million or more in liquid investable wealth), reflecting steady but gradual private wealth expansion. Much of this wealth is concentrated in Kampala, where financial services, real estate, and infrastructure projects are accelerating growth.
Agriculture remains Uganda’s economic backbone, particularly coffee, which is among its top exports. In 2025, the country’s GDP is valued at $64.28 billion in current prices, with a GDP per capita of $1,340. When measured by purchasing power parity (PPP), GDP stands at $187.11 billion, translating to $3,900 per capita, though Uganda accounts for just 0.09% of global GDP on this measure. The economy is one of Africa’s fastest growing, projected to expand by 6.1% in 2025, supported by energy and services. Inflation is relatively moderate at 4.2%, providing a stable backdrop for consumption and investment.
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16. Uganda
Source: Nairametrics | Read Full Story…
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