Namibia's rich list grows

Namibia is among Africa's fastest-growing wealth markets, with 2,500 US$1 millionaires now living in the country, according to the Africa Wealth Report 2025.

The study, produced by Henley & Partners with New World Wealth, found the number of high-net-worth individuals in Namibia, those with investable assets of at least US$1 million, has grown by 28% over the past decade. The country is also home to four centi-millionaires, individuals worth US$100 million or more.

Continental ranking

Namibia ranks ninth in Africa by number of millionaires. South Africa leads with 41 100, followed by Egypt, Morocco, Nigeria and Kenya. Across the continent there are an estimated 122 500 millionaires, 348 centi-millionaires and 25 billionaires, though overall numbers have edged down slightly over the past decade even as several individual markets, Namibia among them, posted strong gains.

Why Namibia is drawing wealth

The Henley & Partners findings pointed to Namibia's political stability, its tax regime and its eco-tourism and mining sectors as the main drivers behind the growth. The country charges no capital gains tax and no estate duty, placing it in a small group of jurisdictions with the same exemption, alongside Mauritius, the United Arab Emirates, Singapore, Bermuda and the Cayman Islands.

The report also cited Namibia's low population density, well-developed banking system and relative safety compared with much of the region. More than 40% of its land is under conservation protection, a factor researchers said adds to its appeal for wealthy residents and retirees.

Windhoek and Swakopmund are expected to see the strongest gains, with Klein Windhoek, Ludwigsdorf, Vogelstrand, Langstrand and Finkenstein Estate singled out as areas likely to attract further wealth in the coming years, Henley & Partners said in its report.