South Africa, Egypt and Morocco are Africa’s leading hubs for ultra-high-net-worth individuals (UHNWIs), with all three countries expected to expand their wealthy populations by 2031, according to Knight Frank’s The Wealth Report 2026.
South Africa ranked first on the continent and 37th globally, with 1,347 UHNWIs in 2026. Knight Frank projects that figure will rise to 1,564 by 2031.
Egypt ranked second in Africa with 822 members of the ultra-wealthy cohort, followed by Morocco with 432. Both countries are also expected to record growth over the same period, reflecting continued wealth creation in some of Africa’s largest economies.
Knight Frank defines UHNWIs as individuals with net assets of at least $30 million, excluding the value of their primary residence. Despite accounting for only a small share of the global population, they control a disproportionate share of private wealth and are among the world’s most influential investors, entrepreneurs and capital allocators.
Globally, the number of people in this wealth bracket rose to 713,626 in 2026 from 551,435 in 2021, an increase of 162,191 over five years, the report said.
That equates to an average of 89 people joining the ranks of the ultra-rich every day between 2021 and 2026, underscoring the pace of wealth creation despite economic uncertainty and geopolitical tensions.
The report further noted the continued expansion of the global ultra-wealthy population is expected to influence investment trends, cross-border capital flows and demand for private assets, with Africa’s leading wealth hubs positioned to benefit from rising private investment and entrepreneurial activity.
It’s worth mentioning that the United States accounted for 41% of all newly created fortunes in the category during the five-year period, maintaining its position as the world’s largest wealth-creation market. It also remained home to the largest concentration of individuals worth at least $30 million, while China ranked second with nearly 122,000.
