Mozambique, Zambia and the Ivory Coast have made it to the richest African nations list, according to a new report.
Thanks to growth in the construction, financial services, and property development industries and despite Africa still being considered as the world’s poorest continent, a list of entrepreneurs and business owners with net assets which exceed $1 million is predicted to surge by 2024 by at least 120% to 2,200 according to Johannesburg-based research company, New World Wealth. According to the report, the number of millionaires in Ivory Coast will rise to 109% to 4,800 while those in Zambia will double, the company forecast. And though Africa is one of the poorest continents, it is also the fastest growing market in the world for high net worth individuals.
The report reviewed wealth in Africa, including luxury trends and wealth management trends in each country. Mozambique’s economy has been boosted by the what was considered to be the biggest natural gas find the world has seen in the last decade while Ivory Coast is still recovering from a devestating civil war.
According to figures released by the World Bank, Mozambique’s gross domestic product per person was $619 last year, ranking it among the 15 poorest sub-saharan nations just after Togo. However it has some very rich and powerful men like its president Armando Guebuza who is one of its richest citizens.
South Africa has approximately 46, 800 millionaires with numbers rising 40% in the next decade to 65,700.
So where is this wealth looked after? According to New World, around $120 billion in African wealth is overseen by asset management companies like Investec Ltd who hold the biggest market share, and Rand Merchant Bank and UBS AG. The African private banking market is forecast by the research company to grow 8% annually over the next decade.
Adapted from Times Live ZA and AFK Insider. Read the article in full here
source- Bloomberg/ Times Live ZA
photo credit: AFK Insider