Africa will experience the strongest global growth in the number of high-net-worth individuals by 2028. The number of individuals with at least 10 million USD is projected to increase by 17.8%, from 19,496 at the end of 2024 to 22,964 in 2028, according to Knight Frank’s The Wealth Report 2025. This growth is almost double the estimated global average of 6.9% and significantly exceeds that of North America (+5.8%) and Asia (8.7%).
Africa is becoming a major hub for wealth creation
This dynamic is supported by abundant natural resources, rapidly improving infrastructure, and the expansion of Africa’s middle classes. This ecosystem fosters numerous entrepreneurial opportunities in manufacturing and services. Furthermore, total investable wealth in Africa is estimated at 2.5 trillion USD, with a 65% increase in the number of millionaires expected over ten years.
Africa is becoming a major hub for wealth creation, with wealth growth far outpacing other regions of the world by 2028.
African countries poised to become the richest by 2028
The African countries poised to become the richest by 2028, according to the IMF and economic projections, are:
Nigeria: Africa’s largest economy with a projected GDP of around 682 billion USD to 700 billion USD, driven by oil and dynamic population growth.
Egypt: Africa’s largest economy by 2028, with a GDP reaching around 590 billion to 600 billion USD, thanks to tourism, infrastructure, and renewable energy. South Africa: GDP expected to be around 450-460 billion USD, with a diversified economy (finance, mining, automotive).
Ethiopia: Fastest growth, with GDP expected to increase from 120 billion to nearly 298 billion USD, driven by economic reforms and a booming manufacturing sector.
Algeria: GDP generates around 260-300 billion USD, rich in oil and gas.
Morocco: GDP expected to be around 180-195 billion USD, thanks to its exports and infrastructure.
Kenya: GDP projected at around 147-160 billion USD, leading in technology and innovation.
Côte d’Ivoire: The only French-speaking country in the top 10, with a GDP estimated at 118 billion USD.
Tanzania: Sustained economic growth, GDP around 124 billion USD.
Ghana: GDP estimated at 150 billion USD, with a favorable business climate.
The Most Promising Economic Sectors in Africa
These sectors are benefiting from strong momentum driven by youth, urbanization, and the emergence of the middle class. This context offers numerous opportunities for investment and growth.
Technology and Innovation: Strong growth in digital technology, fintechs (world-leading mobile payment), e-learning, cybersecurity, and artificial intelligence.
Agriculture and Agribusiness: Large proportion of the working population, undeveloped arable land, development of agritech (drones, smart irrigation).
Renewable Energy: Significant solar and wind potential, solar projects, mini-grids, and hydropower, particularly in Morocco, Senegal, and South Africa.
Infrastructure: Rapid urbanization, construction needs, transportation, logistics, and electricity, with massive investments expected.
Healthcare: Healthcare, medical infrastructure, telemedicine, drug manufacturing, and expanding medical research.
Telecommunications: Rapid growth driven by connectivity and consumer demand.
Retail and e-commerce: Expansion thanks to the middle class and the rise of the Internet.
