Windhoek, Swakopmund attracting foreign millionaires
Chamwe Kaira
Windhoek and Swakopmund are expected to see a rise in high-net-worth residents over the next decade, alongside Mombasa in Kenya, according to Henley & Partners’ Africa Wealth Report 2025.
The report highlighted Namibia’s lack of capital gains tax and estate duty, which makes it especially attractive to wealthy retirees. “Its capital gains exemption places it in an exclusive group alongside Mauritius, the UAE, Singapore, Bermuda, and the Cayman Islands. Namibia also has a well-developed banking system, low population density, and a comparatively high level of safety when compared to most other African countries. With over 40% of its land protected by national parks and conservancies, it is also one of the most ecologically friendly places on earth,” the report stated.
Henley & Partners forecast strong wealth growth in areas such as Klein Windhoek, Ludwigsdorf, Vogelstrand, Langstrand, and Finkenstein Estate.
Across the continent, Africa’s millionaire numbers are projected to grow by 65% by 2035, with fintech, ecotourism, software development, green tech, e-commerce, rare metals mining, healthcare, biotech, media and entertainment, and wealth management expected to drive wealth creation.
The report noted that Africa is home to 25 billionaires, 348 centi-millionaires, and 122,500 millionaires. This marks a dramatic change from the late 20th century, when African economies were in decline and billionaires were rare.
Dominic Volek, group head of private clients at Henley & Partners, said Africa’s expanding economies and growing high-net-worth populations position the continent as an important player in global wealth.
South Africa leads the continent with 41,100 millionaires, representing 34% of Africa’s total, equal to the combined share of the next five wealthiest countries. These include Egypt with 14,800 resident millionaires, Morocco with 7,500, Nigeria with 7,200, and Kenya with 6,800. Together they account for 63% of Africa’s millionaires and 88% of its billionaires.
Mauritius is the sixth wealthiest country in Africa and has seen the strongest growth in high-net-worth individuals over the past decade at +63%. Rwanda (+48%) and Morocco (+40%) also recorded solid gains, while Nigeria’s millionaire population fell by -47%. Angola declined by -36% and Algeria by -23%.
Looking ahead, Andrew Amoils, head of research at New World Wealth, said lifestyle destinations such as the Whale Coast, Cape Winelands, and Marrakech will likely lead the rise in Africa’s millionaire population. “There are already signs of this happening, with Morocco, Mauritius, Namibia, and Seychelles all projected to see big wealth inflows this year,” he said.
Caption
Swakopmund is attracting foreign millionaires.
* Photo: Swakopmund Municipality
