South Africa, Egypt, Nigeria, 2 Others Hold Over 50% of Africa's Private Wealth, Report Says
- Lagos, Johannesburg, Cape Town, and Nairobi have 50% of Africa's privately held wealth
- A new report reveals that these cities also have a high concentration of millionaires worth between $1 million and $100 million
- Also, countries like Mauritius, Rwanda, and Seychelles are Africa's fastest-emerging markets
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A new report by Henley & Partners in collaboration with New World Wealth says private wealth in Africa amounts to about $2.4 trillion, with five cities on the continent accounting for over 50% of its wealth.
BusinessInsider reports that the cities include South Africa's Johannesburg and Cairo, Cape Town, the Nigerian city of Lagos, and Kenya's Nairobi, all account for 56% of Africa's high-net-worth individuals (HNWIs).
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Egypt has most millionaires in Africa
According to the report, there are currently 138,000 high-net-worth individuals with investable wealth of $1 million or more, 328 centi-millionaires worth about $100 million or more, and 23 dollar billionaires.
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The report reveals that South Africa is home to twice as many high-net-worth individuals as any other African country, accounting for 30% of the continent's centi-millionaires.
Egypt, however, accounts for most billionaires in Africa.
Group Head of Private Clients at Henley & Partners, Dominic Volek, says that more African countries will begin to attract high-net-worth individuals by providing citizenship through investment opportunities that could transform their economies.
The report unveils Africa's fastest-growing markets
The report stresses some of the world's fastest-growing markets, including Rwanda, Mauritius, and Seychelles, which have witnessed wealth growth of 70%, 69%, and 56% in the last decade.
Mauritius is expected to experience the highest personal wealth growth rate at 75% over the next decade, making it the fastest-growing country in the world in millionaire growth percentage terms, after Vietnam, India, and New Zealand.
Namibia is also expected to witness its private wealth grow by over 60% in the next decade, having recently launched citizenship by investment to attract high-net-worth individuals.
Also, the millionaire population in Africa is expected to spike by 42% over the next ten years. Africa has some of the world's fastest-growing markets, making it an attractive destination for high-net-worth individuals.
10 African cities have the fastest-growing millionaire population, Nigerian cities missing
Legit.ng reported that the number of millionaires worldwide has continued to grow as economies develop.
Individual millionaires, with their wealth, can invest in businesses, properties, and other ventures, contributing to the growth of their countries worldwide.
BusinessInsider reports that the presence of wealthy people in a city can significantly impact the local economy. Their investments and contributions can create opportunities for growth and development.
Source: Legit.ng
