A silent shift in global wealth is underway as hundreds of dollar millionaires and investors migrate to countries and climates that are more conducive to their ideas, expectations, interests, and finances. Africa is not immune to this trend.
- A global shift in wealth migration is occurring, as millionaires move to favorable countries for various reasons.
- Key drivers of this migration include tax policies, security conditions, and quality of life enhancements.
- Strategic policy actions are crucial for African countries to capitalize on this competition for high-net-worth individuals.
According to projections from Henley & Partners, about 142,000 dollar millionaires are expected to migrate globally in 2025, with the UAE, USA, Italy, Switzerland, and Saudi Arabia topping the list of destinations.
Africa, meanwhile, faces both losses and rare gains, revealing sharp contrasts in how different nations are navigating the global wealth migration wave.
While these absolute numbers may appear small compared to global average, their relative impact on local economies is disproportionately high, especially for African nations with smaller high-net-worth populations.
African Countries projected to lose most dollar Millionaires in 2025
According to Henley & Partners, the table below highlights African countries expected to lose a significant number of dollar millionaires in 2025.
| Country | Projected number of migrating Millionaires (2025) | Estimated wealth of migrating Millionaires | % of Millionaire lost (2014-2025) | Reasons for Migration |
|---|---|---|---|---|
| South Africa | -250 millionaires | 1.6 | 12% | South Africa continues to see an outflow of millionaires due to safety concerns, political uncertainty, and tax pressures |
| Nigeria | -200 millionaires | 1.5 | 54% | As one of Africa’s top economy, Nigeria is bleeding talent and wealth as insecurity, forex restrictions, and inflation push elites abroad |
| Egypt | -100 millionaires | 0.8 | 20% | Economic instability, currency devaluation, and high taxes are driving wealth out of the country |
| Angola | -50 millionaires | 0.3 | 26% | Although relatively small in numbers, the outflow still dents Angola’s limited millionaire base. |
Why Are Africa’s Millionaires Leaving?
Henley & Partners notes that reasons for migration among high-net-worth individuals are complex and multifaceted. Common drivers however, include:
- Safety and security
- Financial concerns
- Taxes
- Retirement
- Work and business opportunities
- Lifestyle factors, including climate, nature, and scenery
- Schooling and education opportunities
- Healthcare
- Standard of living
Taxes, in particular, remain a leading factor influencing both outflows and inflows. Capital gains tax and estate duty are traditionally the main taxes that wealthy people consider when migrating.
Notably, most top destinations for millionaires globally do not impose estate duties. Countries with investor-friendly tax laws and stable institutions are pulling ahead in the race to attract global wealth.
These motivators reflect the broader global competition to attract and retain capital, a contest in which many African countries are currently losing ground.
The road ahead
The mass migration of Africa’s wealthy reflects deeper systemic challenges, including security concerns, economic mismanagement, and overtaxation.
In Nigeria, major fintech and tech startups are systematically relocating their headquarters to the US, UK, or EU with founders seeking global capital and scaling benefits, a trend that deepens Africa’s startup brain drain.
While South Africa and Egypt haven’t experienced the same level of executive headquarters migration, they are still seeing expansion abroad.
Nigeria’s 54% millionaire loss over the last decade is particularly striking. In contrast, countries like Morocco and Seychelles offer a model for reversal. By improving governance, offering tax incentives, and enhancing quality of life, they have positioned themselves as magnets for global wealth.
As the global competition for millionaires intensifies, African nations face a critical choice: become destinations for wealth or continue losing their economic elite. Deliberate policy decisions will determine their trajectory.
Olamilekan Okebiorun
