Uganda’s Dollar Millionaires Surge: New Wave of 100 Tycoons Join List of High-Net-Worth Individuals

Uganda’s millionaire class is quietly expanding. The country added 100 new dollar millionaires in the 12 months leading up to June 2025.

The addition brings the total number of individuals with over $1 million in investable assets to 1,600, according to the Africa Wealth Report 2025 by Henley & Partners.

This marks a steady growth from 1,500 in 2022 and a significant jump from 940 in 2021, when the country saw its sharpest increase in wealth despite grappling with the aftermath of the Covid-19 pandemic.

Uganda’s dollar millionaire population grew by 45% in 2022 alone, adding 560 individuals in a single year.

This was a sign of robust post-pandemic recovery for some segments of the economy.

The report defines dollar millionaires as individuals with investable assets of more than $1 million, excluding liabilities.

These assets typically include property, cash, and listed equity holdings.

However, while the millionaire club is growing, Uganda’s ultra-wealthy segment remains static.

Between 2022 and mid-2025, the number of centi-millionaires, individuals with investable assets of $100 million or more, remained at just five.

The country also continues to register zero dollar billionaires, a stark contrast to regional and continental peers.

Uganda trails East African neighbors

Despite the rise in millionaires, Uganda remains 15th among Africa’s 20 wealthiest nations, a ranking unchanged since the last report.

Within East Africa, Uganda trails behind Kenya, which leads the region with 6,800 dollar millionaires and 16 centi-millionaires.

Tanzania, with 2,100 millionaires, five centi-millionaires, and the region’s only dollar billionaire, follows.

Rwanda, with 1,000 millionaires and three centi-millionaires, comes in third.

Africa’s wealth landscape

Across the continent, South Africa remains the undisputed wealth capital of Africa.

It is home to 41,100 dollar millionaires, 112 centi-millionaires, and eight billionaires.

Seychelles, with just 500 millionaires, rounds off the top 20, yet still boasts one billionaire and six centi-millionaires.

As of June 2025, Africa collectively holds 122,500 dollar millionaires, 384 centi-millionaires 25 billionaires.

Uganda’s millionaire pool has grown by 33% over the past decade (2015–2025), signaling long-term upward movement, albeit at a moderate pace.

A quiet climb without clear sectors

While the Africa Wealth Report offers a valuable snapshot of private wealth across the continent, it does not specify which sectors Uganda’s high-net-worth individuals are investing in or how they generated their wealth.

The report also avoids naming individuals, focusing instead on broader trends in wealth accumulation, investment migration, and the performance of luxury and wealth management markets.