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Africa added millionaires at a rate of 4.1% in 2025, and precious metal prices did most of the work.
That is the finding of the Capgemini Research Institute’s World Wealth Report 2026, the 30th edition of the survey. Globally, the high-net-worth population rose 7.9% to 25.3 million people, an increase of nearly 2 million. Their combined wealth climbed 8.7% to a record $98.3 trillion, the largest single-year gain since 2018.
Africa’s rate placed it ahead of Latin America, which grew 0.3%, and the Middle East, which contracted 1.4% as lower oil prices and regional conflict weighed on Gulf economies. It sat well behind Europe at 6.5% and the United States at 9.2%.
Capgemini defines a high-net-worth individual as someone holding at least $1 million in investable assets, excluding their primary residence, collectibles and consumer durables.
The report attributes African momentum to higher precious metal prices rather than broad economic expansion. Gold spent much of 2025 in record territory, and the gains flow into African wealth through mining equities, royalty streams and the private fortunes attached to gold and platinum group metal producers.
Morocco was the fastest-growing market on the continent at 16.8%. That rate beat every European market the report names, including Luxembourg at 13.5% and Germany at 11.1%. Capgemini did not break out what drove the Moroccan figure.
The gap at the top keeps widening
Ultra-high-net-worth individuals, those holding $30 million or more, were the fastest-growing band for the second year running. Their global population rose 9.4% to roughly 250,000. Their wealth grew 9.7%, outpacing the broader millionaire segment.
Concentration is now stark. The top 1% of high-net-worth individuals hold 34.8% of all high-net-worth wealth.
The United States added 736,000 new millionaires, more than any other country, taking its total to 8.7 million. That single-country addition is larger than the entire high-net-worth population of most regions the report tracks.
Equity allocations rose to 25% of high-net-worth portfolios as of January 2026, up three percentage points on the year. Capgemini credits strong corporate earnings and gains in the technology sector.
Fixed income holdings expanded to 20%, up two points, after bond markets delivered their best returns since 2020.
Alternative investments fell to 12%, reflecting how far public equities outperformed. Appetite has not gone, though. Two in three respondents, 68%, said they intend to increase exposure to private equity.
A separate finding points to a structural problem for wealth managers. Some 88% of high-net-worth individuals now work with more than one firm, and they say they do so specifically to reach better alternative investment opportunities. Three in four advisers told the survey they want artificial intelligence to handle routine work so they can spend more time with clients.
The report draws on three surveys conducted this year, covering high-net-worth individuals, wealth management executives and relationship managers.
Africa grew, but it grew more slowly than the world. With the continent adding millionaires at 4.1% against a global rate of 7.9%, Africa’s share of the world’s high-net-worth population fell during 2025 even as the absolute number rose. The same held in wealth terms.
That pattern has persisted through most of the eight years the report covers in its trend data, and it means the gap between African private wealth and the developed markets widened again in a year when almost every region was growing.
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