Africa recorded the fastest growth in its population of ultra-high-net-worth individuals worldwide in 2025, although the continent still accounted for less than 1% of global ultra wealth, according to a report by wealth intelligence firm Altrata.

The number of Africans with net worth of more than $30mn rose 23.7% to 3,440 last year, the strongest increase of any region, the World Ultra Wealth Report 2026 showed. This compared with growth of 15.8% in Asia, 15% in North America and 14.5% in Europe.

The combined wealth of Africa’s ultra-rich increased 22.4% to $400bn, giving the continent 0.7% of global ultra-high-net-worth wealth and 0.6% of the worldwide population in this category.

Altrata attributed Africa’s growth to more favourable financing conditions, the appreciation of several currencies against the US dollar, expanding digitalisation and new investment linked to rising demand for the continent’s critical mineral reserves.

The firm expects Africa to remain the fastest-growing ultra-wealth region through 2030, projecting average annual growth of 8.4% in the number of ultra-high-net-worth individuals.

The continent’s ultra-rich population is forecast to rise to about 5,200 by the end of the decade, supported by infrastructure development, commodity demand and expanding consumer markets. Its share of the global total is nevertheless expected to remain below 1%.

Africa’s wealthiest individuals remain concentrated in a small number of countries and industries, particularly manufacturing, luxury goods, mining, telecommunications, construction and food production.

Dangote remains Africa’s richest person

Nigeria’s Aliko Dangote remained Africa’s richest person in Forbes’ 2026 ranking, with an estimated fortune of $28.5bn. Dangote built his wealth through the Dangote Group, whose interests include cement, sugar, fertiliser and oil refining. His fortune rose sharply following gains in Dangote Cement’s share price and the expansion of the group’s large oil refinery near Lagos.

South Africa’s Johann Rupert and his family ranked second with an estimated $16.1bn. Rupert’s wealth comes primarily from his family’s controlling interest in Swiss luxury goods group Compagnie Financière Richemont, whose brands include Cartier, Montblanc and Van Cleef & Arpels. He also has investments through South African holding company Remgro Ltd. (JSE:REM).

Nigerian industrialist Abdul Samad Rabiu ranked third with an estimated fortune of $11.2bn. He founded BUA Group, a conglomerate active in cement production, sugar refining, food processing and real estate. Rabiu controls listed cement producer BUA Cement Plc (NGX:BUACEMENT) and food company BUA Foods Plc (NGX:BUAFOODS).

South Africa’s Nicky Oppenheimer and his family ranked fourth with an estimated $10.6bn. Their wealth was built through a controlling interest in diamond producer De Beers, which the family sold to Anglo American Plc (LSE:AAL; JSE:AGL) for $5.1bn in 2012. Oppenheimer has since invested in private equity, conservation and aviation.

Egyptian businessman Nassef Sawiris ranked fifth. His fortune stems largely from stakes in Amsterdam-listed chemicals and fertiliser group OCI Global (Euronext Amsterdam:OCI) and engineering and construction company Orascom Construction Plc (Nasdaq Dubai:OC; EGX:ORAS). Sawiris is also a major shareholder in sportswear company Adidas AG (Xetra:ADS) and co-owns English football club Aston Villa.

Other prominent African billionaires include Nigeria’s Mike Adenuga, whose wealth comes from telecommunications operator Globacom and oil producer Conoil Plc (NGX:CONOIL), and Egypt’s Naguib Sawiris, who built his fortune in telecommunications before expanding into gold mining and other investments.

The ranking illustrates the continued importance of traditional sectors in the creation of large African fortunes. Cement, mining, energy, telecommunications and consumer goods remain dominant, although technology and financial services account for a growing share of newly created wealth.

Global ultra wealth reaches $63.8 trillion

Worldwide, the ultra-high-net-worth population grew 14.4% in 2025 to a record 556,850, marking the strongest annual expansion since 2017. Their combined wealth rose 14.3% to $63.8 trillion.

Altrata said ultra-rich portfolios benefited from lower inflation, continued fiscal and monetary support, resilient corporate earnings and investor enthusiasm for artificial intelligence. Global equities also delivered double-digit returns for a third consecutive year.

The US remained the world’s largest ultra-wealth market, with 206,880 individuals, or 37% of the global total. China ranked second with 55,490, followed by Germany with 28,330, Japan with 22,435 and the UK with 20,495.

Altrata forecasts that the global ultra-high-net-worth population will reach 746,570 by 2030, an increase of almost 190,000 from 2025, while its combined wealth is projected to rise by one-third to $85 trillion.