Tanzania is home to over 2,000 dollar-millionaires, new report shows as wealth gap increases

Crucially, Tanzania has recorded 17 percent growth in its millionaire population between 2015 and 2025, significantly outperforming the continental trend, where Africa’s overall millionaire numbers declined by 5 percent during the same period.

Experts say the country’s consistent economic growth, coupled with diversification in sectors such as mining, telecoms, and services, has helped fuel its rise as one of the region’s new wealth hubs.

“Tanzania’s trajectory underlines East Africa’s growing role in Africa’s wealth landscape, with Dar es Salaam increasingly viewed as a rising financial and business hub,” the report notes.

Across the continent, Africa is now home to 122,500 millionaires, 348 centi-millionaires, and 25 billionaires, with projections pointing to 65 percent growth in millionaire numbers over the next decade.

South Africa leads the continent’s “Big Five” wealth markets with 41,100 millionaires, followed by Egypt (14,800), Morocco (7,500), Nigeria (7,200), and Kenya (6,800). Collectively, these five account for nearly two-thirds of Africa’s total millionaires and close to 90 percent of its billionaires.

Mauritius, ranked 6th, has recorded the fastest growth in high-net-worth individuals over the past decade at 63 percent, buoyed by political stability and investment-friendly policies. Rwanda (+48 percent) and Morocco (+40 percent) also posted strong gains, while Nigeria’s millionaire population contracted by nearly half (-47 percent).

At the city level, Johannesburg remains Africa’s wealthiest city with 11,700 millionaires, while Cape Town (8,500 millionaires) is rapidly closing in and is expected to overtake by 2030. Cairo ranks 3rd with 6,800, while Nairobi, East Africa’s top city, is home to 4,200 millionaires.

Dominic Volek, Group Head of Private Clients at Henley & Partners, said Africa’s rising millionaire population is reshaping the global wealth map:

“The investment migration sector is now working both ways, with African investors seeking greater global mobility and diversification, while international investors are increasingly identifying Africa as a destination for long-term, stable capital deployment.”

For Tanzania, the findings reinforce its growing reputation as an East African powerhouse. Analysts say the challenge now lies in ensuring that private wealth translates into broad-based prosperity, job creation, and sustainable development in line with the country’s Vision 2050 ambitions.