Africa’s Millionaires Grow Faster Than Gulf, With Morocco Up 16.8% as Wealth Flows Offshore
Updated
Updated · Semafor · Jun 8
Africa’s Millionaires Grow Faster Than Gulf, With Morocco Up 16.8% as Wealth Flows Offshore
2 articles · Updated · Semafor · Jun 8
Summary
Capgemini said Africa’s millionaire population is expanding faster than the Gulf’s, with Morocco leading the continent at 16.8% growth thanks to a more diversified economy, rising property values and a deeper financial sector.
Domestic instability still pushes much of that wealth abroad: currency weakness, debt burdens, slow growth and shallow financial markets mean many rich Africans treat home countries as places to make money, not keep it.
Standard Bank said most of Africa’s high-net-worth individuals are self-made entrepreneurs shaped by volatile operating conditions, leaving them more focused on protecting wealth through diversification, hard-currency assets and offshore holdings.
The reports point to a broader challenge for African economies: generating millionaires is no longer the main test; building local returns, wealth-management capacity and stability strong enough to retain and reinvest their capital is.
Africa's economic landscape in 2026 is experiencing dynamic shifts, with several nations showing strong growth in their millionaire populations. South Africa remains the continent's primary wealth hub, holding the largest share of wealthy individuals and accounting for 34% of Africa’s millionaires. However, Morocco has emerged as a notable leader in accelerating wealth, showcasing impressive growth that sets it apart from regional counterparts. This surge highlights how Morocco is becoming a standout in wealth accumulation, even as South Africa maintains its dominant position. Together, these trends reveal a continent in transformation, with new leaders emerging in the race for prosperity.