Africa is experiencing one of the fastest growing private wealth markets globally as its millionaire population is projected to rise by 65% over the next decade, according to the Africa Wealth Report 2025, published by Henley & Partners in partnership with New World Wealth. This remarkable growth highlights Africa’s increasing economic resilience and the emergence of new wealth hubs despite ongoing global economic headwinds.

Currently, the continent is home to 25 billionaires, 348 centi-millionaires (individuals with wealth exceeding $100 million), and approximately 122,500 millionaires. This represents a dramatic transformation from the late 20th century, when African economies largely faced decline and only a handful of billionaires existed. The report credits Africa’s rising wealth to robust regional economic growth, with sub-Saharan Africa forecast to expand at 3.7% in 2025—outpacing both Europe (0.7%) and the US (1.4%)—and 4.1% in 2026.

South Africa dominates Africa’s wealth landscape, accounting for 34% of the continent’s millionaires with 41,100 individuals, nearly equal to the total millionaire populations in the next five wealthiest African countries combined: Egypt, Morocco, Nigeria, Kenya, and Mauritius. Of these, Mauritius stands out as the fastest-growing high-net-worth individual (HNWI) hotspot, posting a 63% increase in its millionaire population over the past decade, underpinned by political stability and favorable investment frameworks. In contrast, Nigeria, Africa’s largest economy, has seen a decline in its millionaire population by nearly 47%, reflecting complex economic pressures.

At the city level, Johannesburg leads as Africa’s wealthiest city, with 11,700 resident millionaires anchored by its commercial Sandton district and emerging luxury residential areas. Cape Town ranks second with 8,500 millionaires and holds the distinction of having Africa’s largest concentration of centi-millionaires. The city also boasts Africa’s most expensive prime residential real estate market, signaling its rising attraction as a lifestyle and investment destination. Cairo and Nairobi follow, with Nairobi representing a growing economic powerhouse in East Africa.

Despite this momentum, political tensions, governance challenges, and mobility restrictions continue to cast shadows on Africa’s wealth story. The report highlights a widening “mobility gap” as many African nations face increased visa restrictions, curtailing their citizens’ global travel freedom and economic opportunities. In response, affluent Africans are increasingly seeking alternative citizenship and residence rights to secure global mobility, educational access, and investment diversification.

Looking toward the future, experts note that Africa’s wealth growth is expected to be driven by emerging sectors such as fintech, renewable energy, healthcare, biotech, and eco-tourism. Lifestyle and tourism hubs like Mauritius, Namibia, Seychelles, and Morocco are poised to attract significant wealth inflows amid shifting global preferences. The continent’s youthful population, with a rising middle and upper class, is also seen as a critical force in shaping Africa’s socio-economic transformation.

The report concludes with a hopeful note, emphasizing that the surge in millionaires and private investable wealth—estimated at $2.5 trillion—presents a unique opportunity for Africa. The key challenge lies in translating this wealth into broad-based economic development, creating sustainable ecosystems where prosperity circulates locally, benefits communities, and positions Africa as a leader in the global wealth landscape.

After years of postponements, the much-anticipated construction of the Gerbi Drinking Water Dam project is officially scheduled to commence in the fiscal year 2018 Ethiopian Calendar (2025/26 Gregorian), according to information exclusively obtained by The Capital.

The Addis Ababa city administration has taken the bold step of funding the project independently, thereby overcoming previous hurdles related to loan delays from China Exim Bank, which had been in limbo since 2016. This decisive move clears the path for the long-awaited infrastructure development critical to the capital’s water supply.

The Gerbi Dam is a vital component of Addis Ababa’s water infrastructure system and is designed to produce over 73,000 cubic meters of water daily. According to earlier research, upon successful completion, the dam is expected to meet the city’s growing water demands for up to 20 years without disruption. Valued at approximately 3 billion birr, the project faced numerous challenges over the years, including the need for enhanced feasibility studies and the establishment of a new regulatory framework.

In December 2024, Addis Ababa Mayor Adanech Abiebie held crucial discussions with Chen Hai, China’s Ambassador to Ethiopia, alongside representatives from the CGCOC Group, the Chinese construction company assigned to the project. The meeting resulted in a renewed agreement on collaboration.

Mayor Adanech stated, “To support this project under the city administration’s budget, we will work closely with the Chinese Embassy and CGCOC. We have reached an agreement that will help us accelerate the construction process and respond effectively to the city’s water supply needs.”

The project, anticipated to span three to four years, will be administered under the supervision of the Addis Ababa Water and Sewerage Authority (AAWSA). Beyond the dam itself, the initiative includes the development of a filtration station and the installation of new water distribution pipelines, aimed at significantly improving residents’ access to safe drinking water. Officials have set an ambitious target to complete up to 20% of the project during the upcoming fiscal year.

Meanwhile, AAWSA has reported notable financial growth. In the 2024/25 fiscal year, the authority generated revenue exceeding 5 billion birr, with plans to increase this figure to 7.5 billion birr by the fiscal year 2018 EC. The agency’s forward-looking plans include the collection and treatment of 40.04 million cubic meters of wastewater, with 39.01 million cubic meters processed through existing pipelines and approximately 1.03 million cubic meters collected via vehicle transport.

Ethiopia’s digital economy has experienced rapid growth, with digital transactions now exceeding 18 trillion birr annually, more than three times the country’s gross domestic product (GDP), according to the National Bank of Ethiopia (NBE). This milestone was announced during the official launch of FenanPay, a new digital payment platform developed by Ethiopian talent under B-Net Technology Solutions.

Solomon Damtew, Director of Payment and Settlement at the NBE, highlighted the dynamic transformation taking place in Ethiopia’s digital finance sector. “The digital finance sector is changing rapidly,” Solomon said. Previously dominated solely by banks, the ecosystem is now expanding to include innovative institutions like FenanPay. He emphasized that within a single year, digital transactions in Ethiopia will surpass 18 trillion birr, underscoring the sector’s massive growth potential. However, Solomon noted that the majority of Ethiopians remain outside the digital financial system, pointing to significant opportunities yet to be explored.

The newly launched FenanPay aims to address two key barriers hindering financial inclusion in Ethiopia: high transaction fees and fragmented payment systems. Data indicates that although Ethiopia’s population approaches 130 million, only 39% have access to banking services, and a mere 9% actively use banking or mobile money platforms.

Biniam Negesu Mulisa, Board Chairman of FenanPay, explained that the platform intends to create a single digital hub uniquely connecting all banks, providing comprehensive services to businesses and consumers alike. By doing so, FenanPay aims to reduce transaction fees dramatically, working towards the ambitious goal of zero commission. “We built this system entirely with Ethiopian talent,” Biniam said. He proudly cited FenanPay’s impressive 99% transaction success rate within just five months of licensing, which has fueled continued collaboration with the National Bank.

Beyond payment services, FenanPay plans to offer essential software solutions designed to help businesses optimize operations and cut unnecessary costs. During a six-month trial phase, the platform successfully processed over 1.5 million transactions, transferring more than 1.5 billion birr, demonstrating its reliability and efficiency well before its formal launch.

A recent audit by Ethiopia’s Office of the Federal Auditor General has uncovered alarming discrepancies and chaos in the road safety data managed by key government agencies, raising serious concerns about the country’s ability to effectively assess and address its road traffic accident crisis.

The audit report highlights a striking inconsistency in the number of reported road traffic accident victims across government bodies. For example, in fiscal year 2021, the Ministry of Health recorded an extraordinarily high number of victims — 222,217 — compared to just 9,566 reported by the Federal Police and 14,413 by the Road Safety and Insurance Fund Service. This vast variation makes it nearly impossible to grasp the true magnitude of the problem or to allocate resources accurately.

At the core of this issue is the lack of a unified, modern data management and exchange system. Without such a system, critical information is neither consistently collected nor shared among stakeholders. The audit recommends that the Road Safety and Insurance Fund Service spearhead the development of a comprehensive data management platform that would involve federal and state police, customs commissions, insurance institutions, and other relevant actors. Such integration is essential for generating reliable, up-to-date data on vehicles and accidents.

The report also estimates that nearly one-third — about 438,000 — of the country’s 1.4 million registered vehicles operate without the mandatory third-party insurance, leaving victims of accidents involving these vehicles vulnerable and without access to rightful compensation and medical treatment.

Further complicating the picture, the Federal Police reportedly do not document accidents occurring on internal city roads or on roads under construction that have yet to be officially handed over to administrative authorities. This omission denies many accident victims the ability to receive emergency medical services or compensation through the Road Safety and Insurance Fund.

The audit draws particular attention to regional disparities as well. In the Sidama region, for instance, none of the 40,000 motorcycles are insured, and only 12,000 drivers possess valid licenses. Given the rising use of motorcycles, these findings signal a significant and alarming threat to road safety and accountability.

Covering the period from 2021 through April 2024/25, the audit includes detailed reform recommendations urging immediate corrective action to ensure both consistency with the law and improved effectiveness of road safety measures.

In response to the audit findings, the Road Safety and Insurance Fund Service acknowledged the discrepancies and described the problem as long-standing. They explained that the higher victim numbers reported by the Ministry of Health likely reflect data duplication because victims may receive treatment at multiple healthcare facilities. The service noted ongoing efforts to rectify data inconsistencies, though the audit findings expressed skepticism, pointing out the lack of tangible progress to date.

Additionally, the auditors found no evidence to support the Service’s claim that its third-party insurance collection system is effectively operational.

Another critical observation from the audit is the tendency for road accident cases to be handled informally by local elders instead of being officially reported and processed. This practice further undermines efforts to build an accurate record of road incidents and to enforce accountability.

The report concludes with a call for enhanced collaboration among government bodies and institutions to improve data accuracy and to address the systemic challenges that obstruct effective road safety initiatives.