As Africa’s millionaire class continues its continuous expand, Kenya is cementing its position as a rising private wealth hub, while neighbouring Uganda is showing increasing potential to tap into the continent’s booming high net worth economy.
According to the Africa Wealth Report 2025, released by Henley & Partners in partnership with New World Wealth, forecasts that Africa’s millionaire population will surge by 65% over the next decade and East Africa is set to be in the dominating countries.
While South Africa still leads the continent in numbers with 41,100 millionaires and 34% of Africa’s total Kenya now stands in fifth place, with 6,800 resident millionaires.
Nairobi alone is home to 4,200 high net worth individuals (HNWIs), accounting for nearly half of the country’s private wealth. The Kenyan capital ranks as East Africa’s wealthiest city and fourth overall on the continent, behind Johannesburg, Cape Town, and Cairo.
Uganda, though not yet in the top tier of wealth rankings, is being closely watched by analysts as one of the countries poised to benefit from the region’s broader growth.
With strong GDP forecasts Sub-Saharan Africa is expected to outpace both the US and Europe with 3.7% growth in 2025 and 4.1% in 2026 the rising tide may lift Uganda’s own entrepreneurial class, especially in sectors like fintech, agriculture, eco-tourism, and green technology and oil exploration.
In the report, the Big 5 wealth markets South Africa, Egypt, Morocco, Nigeria, and Kenya now collectively account for 63% of Africa’s millionaires and 88% of its billionaires.
Similarly, Kampala’s growing upper middle class and investment in infrastructure as promising signs of future wealth growth. The country is also benefiting from improved regional integration through the East African Community (EAC), in which Uganda is playing a leading role.
“We are seeing increasing cross border investments within East Africa. Entrepreneurs are exploring not just regional, but international wealth mobility strategies as well,” Dominic Volek, Group Head of Private Clients at Henley & Partners said.
Uganda, with its strong agricultural base and young growing population, is also in line to benefit from favourable climate and sustainable development funds particularly as global investors seek green and socially responsible opportunities.
“Women, especially in rural areas across Africa, are emerging as key players in environmental management. They hold the keys to unlocking Africa’s agricultural transformation and climate resilience,” Volek said.
The Africa Wealth Report 2025 also indicated that Africa’s millionaire numbers are expected to rise by a healthy 65% over the next decade, with solid growth projected in most major cities.
Jean Paul Fabri, Chief Economist at Henley & Partners in the report noted that for Africa, the goal is not merely to count millionaires, but to build a wealth ecosystem where prosperity is self-reinforcing.
Where opportunity expands, capital circulates locally, and the East Africa becomes not just a participant, but a major team player, in the global wealth story.
