South Africa is projected to record one of the world’s fastest growth rates for billionaire populations over the next five years, according to Knight Frank’s Wealth Report 2026. The report forecasts the number of billionaires in the country will rise from the current 10 to 14 by 2031, marking a 40% increase. South Africa is Africa’s largest private wealth hub, with around 41,100 US dollar millionaires. This is despite the country’s ongoing economic and structural challenges. The findings reflect broader global shifts in wealth creation, with emerging markets in the Middle East, Southeast Asia, and parts of Eastern Europe increasingly producing ultra-high-net-worth individuals. Analysts say expanding technology sectors, investment flows, and industrial growth outside traditional Western financial centers are responsible for this change.
Business Insider Africa
