Between 2024 and 2025, Namibia recorded 200 new individuals with at least N$17 million (US$1 million) at their disposal according to the latest Africa Wealth Report by investment migration consultancy Henley & Partners.
Last year, Namibia boasted 2 300 US-dollar (USD) millionaires, with a recorded millionaire growth of 32% between 2013 and 2023.
The increase from 2 300 to 2 500 millionaires in USD between 2024 and 2025 represents a 8.7% growth.
Namibia is ranked ninth in the top 10 in the African wealth band.
New World Wealth head of wealth Andrew Amoils has attributed the rise in wealth of certain individuals in African countries, such as Namibia, to sectors such as eco-tourism and rare metals mining.
“The main industries expected to drive this growth include fintech, eco-tourism, software development, green tech, e-commerce, rare metals mining, healthcare, biotech, media, entertainment, and wealth management.
“With the European Union and the United Kingdom becoming less attractive among the global jet set, there is potential for Africa to emerge as a major destination for wealthy entrepreneurs.
“There are already signs of this happening, with Morocco, Mauritius, Namibia and Seychelles all projected to see big wealth inflows this year,” Amoils says.
Namibia also currently has four centi-millionaires (individuals with investable wealth of US$100 million (N$1.7 billion) or more), one up from the three who were reported in 2023.
Windhoek and Swakopmund are expected to attract rising numbers of high net-worth residents over the next 10 years, with at least at least 2 000 more millionaires expected to emerge in these two economic hubs.
The country not imposing any capital gains tax or estate duty has also been deemed to render it particularly attractive to wealthy retirees.
“Its capital gains exemption places it in an exclusive group alongside Mauritius, the United Arab Emirates, 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,” the researchers say.
Namibia is also deemed one of the most ecologically friendly places on earth, with over 40% of its land protected by national parks and conservancies, further rendering it an attractive destination.
“We expect these factors to give Windhoek and Swakopmund a big boost going forward, with strong wealth growth forecast in Klein Windhoek, Ludwigsdorf, Vogelstrand, Langstrand, and Finkenstein Estate,” the report notes.
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