South Africa Leads Africa in Billionaire Numbers, Nigeria Tops in Total Wealth

The world’s super-rich are getting richer, and South Africa is a key player in this global trend. The UBS Billionaire Ambitions Report 2025, released earlier this month, reveals that global billionaire wealth has surged by 13% to reach a record $15.8 trillion.

This data, covering the 12 months leading up to April 2025, paints a picture of a booming economy for the global elite, driven largely by the technology and industrial sectors.

For South Africans, the figures are particularly encouraging. The country has solidified its status as a wealth hub on the continent, increasing its number of billionaires from six to seven this year. Their collective net worth has also seen a healthy jump, rising by 22.4% to hit $36 billion. Additionally, 71% of South Africa’s billionaires are self-made.

These wealth reports typically focus on the individuals who are resident in, or have their most significant economic ties to, that specific country, which is why figures like Elon Musk are not counted in South Africa’s tally. There are also probably well over 30 South African-born billionaires who have emigrated and amassed wealth overseas.

While South Africa has more billionaires than any other African nation listed, Nigeria’s billionaires hold slightly more aggregate wealth. Nigeria remained steady with four billionaires, but their combined fortune grew impressively by nearly 40% to reach $37 billion. Egypt follows with four billionaires worth $17 billion.

Where South Africa truly dominates, however, is in the future "great wealth transfer". The report forecasts that, over the next 15 years, massive sums will be passed down to the next generation. South African heirs are projected to inherit at least $30.8 billion, the third-largest wealth transfer in the Middle East and Africa region after the United Arab Emirates ($31.9 billion) and Israel ($48.4 billion).

This massive transfer of wealth comes with a shift in mindset. Globally, 82% of billionaires want their children to build their own paths rather than relying on inheritance. As South Africa’s wealthiest families prepare for this transition, the focus is increasingly on ensuring the next generation is capable, independent, and ready to manage these growing fortunes.