South Africa, Egypt and Morocco Lead Africa’s Ultra-Wealthy Population, New Report Shows
The Wealth Report 2026 ranks South Africa as Africa's top hub for ultra-high-net-worth individuals, with Egypt and Morocco following closely as all three countries are expected to see continued growth in private wealth by 2031.
A new global wealth report highlights South Africa, Egypt and Morocco as Africa’s leading hubs for ultra-high-net-worth individuals, with all three countries expected to see further growth over the next five years.
JOHANNESBURG, South Africa, Egypt and Morocco have emerged as Africa’s leading destinations for ultra-high-net-worth individuals (UHNWIs), according to the Wealth Report 2026, reflecting the continent’s growing concentration of private wealth despite ongoing economic challenges.
The report ranks South Africa as Africa’s wealthiest hub, placing 37th globally with 1,347 ultra-high-net-worth individuals people with investable assets exceeding US$30 million. The country’s UHNWI population is projected to increase to 1,564 by 2031, underscoring confidence in its long-term wealth creation potential.
Egypt follows as the continent’s second-largest centre for ultra-wealthy individuals, with 822 UHNWIs, while Morocco ranks third with 432. Both countries are expected to record steady growth in the number of high-net-worth residents over the next five years, driven by expanding investments, entrepreneurship and economic diversification.
Globally, the report shows that the number of ultra-high-net-worth individuals rose significantly from 551,435 in 2021 to 713,626 in 2026, representing an increase of nearly 30 percent. The growth was largely fuelled by strong gains in the United States, where rising financial markets, technology investments and private enterprise continued to generate substantial wealth.
Although Africa accounts for a relatively small share of the world’s ultra-wealthy population, analysts say the continent is witnessing increasing wealth accumulation in sectors such as finance, mining, technology, manufacturing, agriculture and real estate.
South Africa’s continued dominance reflects its mature financial sector, sophisticated capital markets and diverse economy, which remain among the most developed on the continent. The country is home to many of Africa’s largest corporations, investment firms and financial institutions, making it a key destination for private wealth and business investment.
Egypt has also experienced steady growth in private wealth, supported by major infrastructure projects, industrial expansion and reforms aimed at attracting foreign investment. Meanwhile, Morocco has strengthened its position through investments in renewable energy, automotive manufacturing, tourism and financial services, helping to create new opportunities for businesses and high-net-worth investors.
The report suggests that the projected increase in Africa’s ultra-wealthy population could stimulate greater investment in entrepreneurship, philanthropy, luxury real estate and innovation, while also creating new opportunities for economic development.
However, economists note that the growth in private wealth also highlights the importance of ensuring that economic expansion translates into broader prosperity through job creation, improved education and greater access to opportunities for the wider population.
As African economies continue to evolve, the report indicates that South Africa, Egypt and Morocco are likely to remain the continent’s leading centres for wealth creation, investment and high-value enterprise over the coming years.
TNAM
By Egwu Patience Nnennaya
Monday July 6, 2026.
