As global economic landscapes shift, an increasing number of African investors are exploring pathways that offer more than just returns but also freedom of movement, and they are more than ever well-positioned to invest in this freedom. According to the 2024 Africa Wealth Report, the African continent currently holds USD 2.5 trillion in investable wealth, with its millionaire population projected to grow by 65% over the next decade. Additionally, the IMF forecasts Sub-Saharan Africa to grow by 4% in 2024, making it the second-fastest-growing region after Asia.
The Africa Wealth Report further revealed that Africa is home to 135,200 high-net-worth individuals (HNWIS) with liquid investable wealth of USD 1 million or more, 342 centi-millionaires and 21 billionaires. The continent’s ‘Big 5’ wealth markets, South Africa, Egypt, Nigeria, Kenya, and Morocco, account for 56% of its millionaires and over 90% of its billionaires.
Against this backdrop, wealth migration is on the rise. Approximately 18,700 HNWIS have left Africa between 2013 and 2023, and among the 54 African-born billionaires globally, including Elon Musk, only 21 still reside on the continent. Most have relocated to the UK, USA, Australia, and the UAE, with others settling in France, Switzerland, Monaco, Portugal, Canada, and New Zealand.
Why millionaires are breaking free from the constraints of their passports
There are several key drivers behind the rise in elite migration from Africa. One of the most pressing issues is limited global mobility—many African passports offer restricted visa-free access, making international travel for business, education, or family purposes challenging.
In response, many African high-net-worth individuals (HNWIS) are turning to Golden Visas and Citizenship by Investment (CBI) programmes as strategic tools to secure international access, financial security, and long-term opportunities for their families.
Golden Visas provide long-term residency, though not immediate citizenship, in exchange for a qualifying investment, typically in real estate, business ventures, or government bonds. These programmes grant the right to live, work, and study in the host country, often with family members included, and offer a pathway to citizenship after several years of residency.
In contrast, CBI programmes grant full citizenship within months, usually without any physical residency requirement. Investments are commonly directed toward national development funds or real estate, and the resulting passports offer visa-free or visa-on-arrival access to a vast network of countries.
Each option offers distinct advantages and has fostered a growing community of African HNWIS who benefit strategically from their second citizenship or residency and contribute meaningfully to their chosen countries’ economies.
Europe’s dual appeal for African HNWIS
This trend is notable in Europe as Portugal has quietly emerged as a continental favourite, thanks to its attractive Golden Visa scheme, favourable tax regime, and EU access. By 2022, 25% of Golden Visas were issued to African nationals, with hotspots like Lisbon, Porto, and the Algarve offering both lifestyle appeal and 4–5% yields. The Non-Habitual Residency (NHR) programme adds to the allure, offering significant tax breaks for new residents. Portugal offers residency by investment starting with a capital transfer of EUR 250,000.
The Caribbean connection
Meanwhile, Caribbean citizenship by investment (CBI) programmes have gained traction among African entrepreneurs seeking speed, flexibility, and diversification. The Caribbean countries of Antigua and Barbuda, St. Kitts and Nevis, Grenada, Dominica and St. Lucia offer second citizenship within three to six months, with visa-free travel benefits and no relocation requirements. Antigua and Barbuda topped enquiries from African clients in 2023, followed closely by St. Lucia and St. Kitts. Beyond mobility, these programmes offer peace of mind, granting access to world-class education, healthcare, and a more secure lifestyle. Investors can obtain a Caribbean passport starting from USD 200,000.
Dubai: A magnet for African wealth and opportunity
Dubai continues to rise as a premier destination for Africa’s affluent, offering a rare mix of luxury, lifestyle, and financial advantage from an investment of AED 2 million (USD 550,000).
For many HNWIS from South Africa, Nigeria, Kenya, and beyond, the city’s tax-free environment, dynamic economy, and strong real estate returns make it a compelling choice. According to the Dubai Land Department, foreign property investment soared by 70% between 2020 and 2023, with African buyers showing strong interest in premium districts like Palm Jumeirah and Dubai Marina. The city’s Golden Visa programme, which grants long-term residency with no income tax, attracted African nationals to the extent that by 2022, they made up 10% of all applicants.
United States: The all-rounder for African wealth migration
The U.S. also continues to attract Africa’s wealthiest families with its unmatched diversity of investment, education, and residency options. Real estate remains a key entry point—from New York penthouses to Miami beachfront homes, bolstered by rising interest in the EB-5 Immigrant Investor Program, which grants residency in exchange for job-creating capital. Since 2017, African participation in EB-5 has grown by 15%, led by applicants from Egypt and Nigeria. At the same time, African HNWIS are increasingly funnelling capital into Silicon Valley startups, hoping to back the next tech giant. Education remains a core motivation as well, with over 35,000 African students enrolled in U.S. institutions as of 2022
As African wealth expands and mobility becomes a strategic necessity, Golden Visa and Citizenship by Investment programmes are no longer fringe considerations, they are essential tools for future-proofing families, securing legacy, and unlocking global opportunity.
With the proper guidance, these investment migration pathways open doors abroad and empower African investors to shape their legacy globally while maintaining strong ties to the continent’s future. Speak to our experts at Citizenship Invest today.
