African multi-millionaires hit 7,100
News & Trends •
source63 there are 7100 multi-millionaires living in africa each with net assets of 10 million or more1 afrasia bank wealth report 2018 says that total private wealth held in africa is also expected to rise by 34 per cent over the next 10 years reaching 3.1 trillion by the end of 20271 we expect mauritius ghana rwanda and uganda to be the strongest performing wealth markets in africa during this period with 90 per cent to 150 per cent growth rates1 our projections for ethiopia mozambique zambia kenya botswana and namibia are also relatively solid 50 per cent to 80 per cent growth rates the report said1 tanzania south africa angola morocco egypt ivory coast and nigeria however have less favourable forecasts albeit positive at between 10 and 30 per cent mostly due to policy and economic factors that are seeing high net worth individuals hold back investments within these countries1 the african luxury sector generated about 6 billion in revenue in 2017 mainly through the purchase of luxury cars clothing and accessories watches private jets yachts and luxury hotels and lodges1 it rated rwanda and uganda as countries in east africa that are leading spots for wealth growth in africa1 the countries are projected to have some of the strongest performing wealth markets in africa in the next 10 years1 the analysis indicates that wealth held in africa has risen by 13 per cent in the past decade and by 3 per cent over the past year with mauritius topping the performing individual markets1 in terms of wealth growth in the past decade in east africa rwanda led the region with 74 per cent rate followed by kenya at 73 per cent then tanzania at 66 per cent and uganda at 56 per cent1 as at the end of 2017 kenya topped the region with the highest wealth that are held by individuals at 104 billion followed by tanzania and ethiopia at 60 billion1 there are over 320 centi-millionaires each with net assets of 100 million or more and 24 billionaires each with net assets of 1 billion or more1 the new report also shows that the average african individual has net assets of 2000 with more than 148000 high net worth individuals hnwis living in africa each with net assets of 1 million or more1 a large portion of luxury sector revenue in africa comes from luxury hotels and lodges with south africa being the main tourist destination1 in terms of wealthiest city in east africa nairobi beat its regional peers holding more than 54 billion of private wealth held by the high net worth individuals1 dar es salaam was second in the region at 25 billion followed by kampala at 16 billion and mombasa at 8 billion1 on the continent johannesburg topped at 276 billion followed by cairo at 140 billion then lagos at 108 billion and durban at 55 billion1 the major south african destinations for wealthy people are kruger national park cape town umhlanga and franschhoek1 in the rest of the continent major destinations included mauritius seychelles marrakech and casablanca in morocco cairo and sharm el sheikh in egypt serengeti in tanzania the masai mara game reserve in kenya livingstone falls in zambia and the okavango swamps in botswana1 in april the knight franks wealth report showed that kenya had created 180 new dollar millionaires last year growing the number of persons with a net worth of over 5 million to 12901 out of the 1290 dollar millionaires 90 were worth 50 million with less 10 individuals estimated to have a net worth of over 500 million1 over the same period 40 tanzanians entered the club of dollar millionaires worth over 5 million pushing the countries total to 2501 within the continent south africa tops in having the wealthiest individuals holding 722 billion followed by egypt at 330 billion and nigeria at 253 billion1