Africa’s ultra-rich are growing faster than in the U.S., China and Europe despite holding less than 1% of global wealth

Africa recorded the fastest growth in ultra-high-net-worth individuals anywhere in the world in 2025, as rising demand for critical minerals, expanding digital economies and increasing global investment helped create new fortunes across the continent.

• Africa posted the world’s fastest growth in ultra-high-net-worth individuals in 2025, outperforming North America, Asia and Europe.
• The continent’s ultra-rich population rose 23.7%, driven by critical minerals, digital transformation and foreign investment.
• Despite the boom, Africa still accounts for less than 1% of global ultra-wealth.
• Growing demand for resources needed for AI, electric vehicles and clean energy is reshaping wealth creation across the continent.

The number of people in Africa with a net worth exceeding $30 million rose by 23.7% to 3,440 individuals in 2025, according to Altrata’s World Ultra Wealth Report 2026.

The increase outpaced every other region globally, including Asia, where the ultra-wealthy population grew by 15.8%, North America at 15%, and Europe at 15%.

The performance marks a notable shift in global wealth creation at a time when investors are increasingly looking beyond traditional wealth centres in North America, Europe and parts of Asia for new opportunities tied to technology, energy transition and strategic resources.

According to the report, Africa’s wealth gains were supported by lower financing costs, stronger currencies against the U.S. dollar, accelerating digital transformation and growing investment linked to the continent’s vast reserves of critical minerals.

Mineral wealth

A major driver of Africa’s new wealth creation is the intensifying global race for critical minerals needed for electric vehicles, battery storage, renewable energy systems and artificial intelligence infrastructure.

Countries such as the Democratic Republic of Congo, Zambia, Namibia, Zimbabwe and Guinea control significant reserves of cobalt, copper, uranium, lithium and bauxite, resources increasingly viewed as strategic assets by governments and multinational corporations.

As global demand for these minerals rises, so too has investment flowing into mining projects, logistics networks, energy infrastructure and supporting industries across the continent.

The trend has attracted capital from China, the United States, Europe and Gulf nations seeking long-term access to mineral supply chains that will underpin future industrial growth.

Digital fortunes

Beyond natural resources, Africa’s digital economy is becoming an increasingly important source of wealth creation.

Fintech companies, telecommunications operators, technology entrepreneurs and digital infrastructure investors have benefited from rapid growth in internet adoption, mobile payments and demand for data services.

Major global technology firms have also expanded investments in African data centres, cloud infrastructure and artificial intelligence-related projects, helping create new pools of capital and entrepreneurial wealth.

The report identifies digital transformation as one of the factors underpinning the continent’s strong wealth performance in 2025.

The wealth paradox

Despite posting the strongest growth globally, Africa remains a minor player in the world’s wealth landscape.

The continent’s 3,440 ultra-high-net-worth individuals account for just 0.6% of the global ultra-wealthy population. Their combined wealth totals roughly $400 billion, representing only 0.7% of global ultra-high-net-worth wealth.

By comparison, North America is home to more than 224,000 ultra-wealthy individuals with a combined fortune of $25.7 trillion, while the United States alone accounts for 37% of the world’s ultra-high-net-worth population.

The figures highlight a defining paradox of Africa’s economy: while wealth is being created at an increasingly rapid pace, the continent still captures only a small share of global capital and private wealth.

Why it matters

Africa’s strong showing comes as global investors search for growth opportunities linked to artificial intelligence, energy security, industrial supply chains and critical minerals.

The continent possesses many of the resources needed to support those transitions, positioning several African economies to benefit from long-term shifts in global investment flows.

The challenge now is converting rising private wealth into broader economic development through industrialisation, infrastructure expansion, stronger capital markets and job creation.