South Africa has emerged as the only African country to secure a place on the UBS Global Wealth Report 2025 list of the world’s 50 richest nations, despite economic uncertainty affecting markets worldwide.
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The study, drawing on data from the OECD, IMF, and World Bank, shines a spotlight on how wealth has multiplied since 2000. Central to this surge is the rise of EMILLIs—“Everyday Millionaires”—defined as individuals with assets ranging between US$1 and 5 million.
Globally, their numbers have soared more than fourfold to nearly 55 million over the past two decades, according to Tempo.
South Africa’s place in the Global Wealth map
South Africa ranked 36th worldwide, with EMILLIs holding a collective wealth of US$1,027 billion. While modest compared to economic giants like the United States (US$163,117 billion) and China (US$91,082 billion), this milestone underscores South Africa’s enduring role as a continental financial hub.
In Africa, no other nation made it into UBS’s top 50. This reflects both South Africa’s relatively diversified economy and the challenges facing the broader continent, where wealth distribution remains uneven and financial markets are less developed.
What the rankings show
- Global leaders: The United States tops the list, followed by China and Japan.
- Europe’s strength: Luxembourg, Belgium, and Switzerland lead when measuring median wealth per adult.
- South Africa’s uniqueness: Despite high inequality, its ranking highlights the presence of concentrated wealth and a growing class of affluent individuals.
Looking ahead
By the end of 2024, global EMILLIs controlled an astounding US$107 trillion in wealth. UBS forecasts suggest that by 2029, another 5.34 million millionaires will emerge worldwide.
For South Africa, remaining the only African country on this list poses both a point of pride and a challenge. It reflects resilience within a turbulent economic landscape but also raises the question: how can the rest of the continent bridge the gap?
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