Africa will add only 10 people to the elite list of US-dollar-billionaires by 2031, a 2026 Knight Frank Wealth Report projects.

Currently, the continent has 27 people with a net worth of at least $1 billion, led by Nigeria's cement-sugar-and-oil tycoon, Aliko Dangote, whose net worth as of June 4, 2026, was $36.8 billion, according to the Bloomberg Billionaires Index.

The projected growth of only 10 billionaires in a five-year period (2026-2031), mirrors Africa's trend between 2021 and 2026, when only nine persons joined the elite group, raising the number from 18 to 27.

Currently (2026), the Asia-Pacific region has the highest number of dollar-billionaires globally — 1,116 out of the world's total 3,110, representing nearly 36% of the world's super wealthy.

Asia-Pacific's dominance

North America follows with 965 dollar-billionaires (31%), and then Europe, with 780 highly wealthy persons (25.1%).

Over the next five years, the Asia-Pacific region is projected to extend its dollar-billionaire lead, adding some 354 individuals to the elite group. This would raise the region's share of dollar-billionaires to nearly 38%. Technology and innovation sector produces the highest number of super wealthy in the region.

North America is projected to increase its population of dollar-billionaires by 124, to 1,089 by 2031. This represents a 12.8% growth within the region.

For Europe, the number of dollar-billionaires is estimated to increase from 780 currently to 994 in 2031.

Africa's minimal dollar-billionaire growth

The Middle East, which currently produces 4% of the world's super wealthy (128), will see that population grow to 194 by 2031.

"In percentage terms, Saudi Arabia is forecast to lead, with billionaire numbers rising by 183%," the report said of individual nations' contribution to the world's richest group.

The Latin American region, which currently has 94 billionaires, will retain its approximately 3.3% share of the world's richest by 2031, producing 131 dollar-billionaires then.

Africa's current 27 dollar-billionaires represent 0.9% of the world's wealthiest, a percentage that would remain the same in 2031, when the continent's estimated super rich will rise to 37.

South Africa's ultra-rich top Africa

The Knight Frank report also revealed that only South Africa, Egypt, and Morocco have the highest number of African individuals with a net worth of at least $30 million, a figure that Knight Frank categorises as ultra-high-net-worth (UHNW).

According to the Knight Frank report, South Africa currently has 1,347 people in the UHNW category, and they are expected to rise to 1,564 by 2031.

Egypt, on the other hand, has 822 people in the UHNW category, and they are projected to rise to 977 by 2031.

Morocco accounts for 432 UHNW individuals, with their population projected to increase to 550 over the next five years.

Key drivers of wealth

Globally, the United States has the highest number of UHNW individuals (more than 251,000), followed by China (nearly 122,000), Germany (over 38,000), and the United Kingdom (nearly 28,000).

According to Knight Frank, technology, agriculture, mining, entertainment, sport, and finance are the primary drivers of wealth generation globally.