Ghana’s millionaire population has reached 2,600 in 2025, ranking the country eighth in Africa and second in West Africa after Nigeria, according to the latest Henley & Partners Africa Wealth Report.

This means Ghana is now home to 2,600 individuals with liquid investable wealth of at least $1 million. Liquid investable assets refer to cash or assets that can be easily converted into cash without a significant loss in value.

Henley & Partners’ data shows that Ghana’s millionaire population expanded by 20% between 2015 and 2025, adding over 400 new millionaires during the period under review. In contrast, its West African counterpart, Nigeria, saw a 47% decline in its millionaire count.

Despite this decade-long growth, Ghana’s millionaire numbers have dipped slightly in recent years, from 2,700 in December 2023 to 2,600 as of June 2025. Interestingly, however, the number of ultra-wealthy individuals worth more than $100 million rose from 6 to 8 during the same period, the second-highest in West Africa after Nigeria.

On the continental scale, Africa now boasts an estimated 122,500 millionaires, driven by rising private consumption, booming real estate, and increasing foreign investment. The continent’s richest individual remains Aliko Dangote, whose $28 billion fortune, built primarily through cement and sugar, keeps him at the top. Dangote is one of just eight billionaires on the African continent.

South Africa maintains its dominance as Africa’s wealthiest nation, housing 41,100 millionaires and 112 centimillionaires. Although the country’s millionaire population has contracted by 6% over the past decade, key wealth hubs like the Whale Coast have surged by 50%, buoyed by luxury real estate and tourism investments.

Egypt follows closely in second place with 14,800 millionaires, despite recording a 15% decline since 2015, largely due to economic pressures and currency depreciation.

Meanwhile, Morocco stands out as one of Africa’s fastest-growing wealth markets, with its millionaire population expanding by 40% over the last decade. The North African country has attracted nearly $40 billion in greenfield manufacturing investments within five years, strengthening its export and industrial sectors.

Other emerging wealth hubs include Mauritius and Rwanda, which have seen millionaire growth rates of 63% and 48%, respectively, over the past decade. Their strong governance frameworks, strategic investment policies, and growing service economies continue to attract high-net-worth individuals and investors.

About the writer:

Isaac Kofi Agyei is a Data & Research Analyst/Journalist at JoyNews based in Accra, where he covers mostly finance, economics, banking, and politics across Ghana and West Africa, from detailed analytical reports on all key issues to debt crises to IMF programmes. He also serves as the data and research correspondent for SBM Intelligence, an Africa-focused market/security leader in strategic research, providing actionable analyses of West Africa’s socio-political and economic landscape. With his solid academic background in economics and statistics and additional training from credible institutions such as the UNDP, Afrobarometr, Ghana Statistical Service, and a host of others, Isaac has honed his skills in effective data storytelling, reporting, and analysis.