• Africa’s ultra-wealthy population expected to rise 15% by 2031

• Continent’s share of global wealth declines amid faster growth elsewhere

• Billionaire ranks expand, driven in part by technology and AI gains

Africa’s population of ultra-wealthy individuals is expected to grow steadily over the next five years, even as the continent’s share of global wealth continues to slip behind faster-growing regions.

According to The Wealth Report 2026, published by London-based real estate consultancy Knight Frank, the number of Africans with at least $30 million in assets is projected to rise from 7,322 in 2026 to 8,412 by 2031, an increase of about 15%.

Despite that growth, Africa’s share of the global ultra-high-net-worth population—known in the industry as UHNWI—is expected to edge down from 1% to 0.9% over the same period. The shift reflects stronger expansion elsewhere, particularly in North America (+53%), the Middle East (+32.1%), and Asia-Pacific (+24.2%).

The number of African billionaires is also set to increase. From 18 in 2021, the total is expected to reach 27 in 2026, then climb to 37 by 2031, marking a 37% rise over five years. Even so, Africa’s share of the global billionaire population is projected to remain unchanged at 0.9%.

South Africa stands out as one of the countries likely to see the fastest growth in billionaire wealth. The country is expected to increase its billionaire count from 10 in 2026 to 14 by 2031, a 40% rise.

Globally, the ultra-wealthy population has expanded rapidly in recent years. Their number rose from 551,435 in 2021 to 713,626 in 2026—an increase of 162,191 individuals, or about 89 new ultra-rich people each day crossing the $30 million threshold.

The United States accounts for 41% of these new entrants, raising its share of global ultra-wealth from 33% to 35% between 2021 and 2026. That concentration is expected to deepen further, with the U.S. projected to represent around 41% of the world’s ultra-wealthy by 2031.

Asia-Pacific currently holds nearly 31% of the global UHNWI population, driven by strong growth in China and India, followed by Europe, which accounts for just over a quarter.

The number of billionaires worldwide is also expected to rise, from 3,110 in 2026 to 3,915 by 2031, an increase of 25.8%.

Billionaire wealth remains more evenly distributed across regions than the broader ultra-wealthy population. Asia-Pacific leads with 1,116 billionaires, followed by North America (965), Europe (780), the Middle East (128), and Latin America (94).

Saudi Arabia is projected to record the fastest growth in billionaire numbers, rising from 23 in 2026 to 65 by 2031. Poland and Sweden are also expected to see sharp increases, with billionaire populations more than doubling or rising significantly over the same period.

Knight Frank attributes much of the recent surge in wealth to gains in the technology sector, particularly artificial intelligence. “The opportunities to scale a business have never been greater,” said Liam Bailey, the firm’s head of research. “This has helped enable the rapid creation of large fortunes, further amplified by technology and AI.”

Walid Kéfi