Millionaires in Namibia have increased by 28% over the past decade to 2,500, placing the country among Africa’s faster-growing wealth hubs, according to Henley & Partners’ Africa Wealth Report.
The study also counts four centi-millionaires resident in Namibia.
The report cautions that its figures are modelled estimates: “Rankings as at June 2025. All statistics in USD terms. Millionaire figures rounded to nearest 100. The figures presented in this report are modeled estimates of how many high-net-worth individuals reside in each country, city, or region,” it states.
Across the continent, the report counts 122,500 millionaires, 348 centi-millionaires and 25 billionaires, noting that some markets, including Tunisia and the Democratic Republic of Congo, were excluded owing to limited data.
South Africa remains the largest wealth market with 41,100 millionaires, 112 centi-millionaires and eight billionaires, though it recorded a 6% decline in millionaire numbers between 2015 and 2025. Egypt follows with 14,800 millionaires and seven billionaires, down 15% over the period.
Namibia’s growth compares with Mauritius (up 63%) and Rwanda (up 48%), while Botswana and Zambia posted modest gains of 3% and 5% respectively. Nigeria and Angola recorded sharper declines of 47% and 36%.
Andrew Amoils, Head of Research at New World Wealth, said shifting global preferences could benefit African markets. “With the EU and UK becoming less attractive among the global jet-set, there is potential for Africa to emerge as a major destination for wealthy entrepreneurs. There are already signs of this happening, with Morocco, Mauritius, Namibia and Seychelles all projected to see big wealth inflows this year,” he said.
