Africa's Millionaire Population Grows Rapidly, But Wealthy Residents Often Move Capital Abroad

Africa's millionaire population is growing at a faster rate than the Gulf region, according to Capgemini's World Wealth Report, fueled by rising commodity prices and resilient private enterprise. Morocco leads the continent with a 16.8% growth rate in millionaires, benefiting from economic diversification, rising property values, and a strengthening financial sector. However, the report reveals a critical paradox: wealthy Africans typically generate capital domestically but store it abroad, moving profits into hard-currency assets and offshore investments. A complementary Standard Bank report based on interviews with Africa's high-net-worth individuals indicates this behavior reflects a priority on wealth protection and stability rather than pessimism, as most African wealth creators are self-made entrepreneurs operating in volatile environments with weak infrastructure. Experts argue that reversing this capital flight will require Africa to develop stronger local financial services, wealth management infrastructure, and attractive domestic investment returns that make the continent appealing not just as a wealth source but as a safe place to grow it.