Africa surprises with 24 billionaires, thousands of dollar millionaires
According to a newly released AfrAsia Bank Wealth Report 2018, total personal wealth in Africa is currently around $2.3 trillion and will increase by 34% over the next 10 years, reaching around $3.1 trillion by 2027.
The Vietnam News Agency in South Africa cited a report showing that Africa currently has 7,100 millionaires with net assets of 10 million USD or more, more than 320 millionaires with net assets of 100 million USD or more, and 24 billionaires with net assets of 1 billion USD or more.
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| Source: Africa Ranking |
The average net worth of an individual in Africa is $2,000, with more than 148,000 people having a high net worth of $1 million or more. Notably, South Africa leads the continent in terms of the number of richest individuals with a total wealth of $722 billion, followed by Egypt with $330 billion and Nigeria with $253 billion.
According to AfrAsia Bank's forecast, Rwanda, Uganda, Mauritius and Ghana will have the highest prosperity growth rates over the next 10 years, ranging from 90% to 150%. Prosperity growth in Ethiopia, Mozambique, Zambia, Kenya, Botswana and Namibia will also be relatively solid, ranging from 50% to 80%.
Meanwhile, the prosperous growth of some of Africa's largest economies such as Nigeria, Egypt, South Africa, Angola, Tanzania, Morocco and Côte d'Ivoire is lower at 10%-30%, mainly due to policies and economic factors that are causing certain concerns for private investors in these countries.
According to the AfrAsia Bank report, wealth in Africa has increased by 13% over the past 10 years. In 2017 alone, net worth increased by 3%, with Mauritius leading the way in terms of personal wealth growth.
During the same period, Africa's luxury goods sector generated about $6 billion in revenue, mainly from the sale of luxury cars, clothing and accessories, watches, private jets, yachts, luxury hotels and resorts.
In terms of the 10 richest cities in Africa, Johannesburg (South Africa) is at the top with 276 billion USD, followed by Cairo (Egypt) with 140 billion USD. The remaining 8 cities are Cape Town, Durban, Pretoria (South Africa), Lagos (Nigeria), Nairobi (Kenya), Luanda (Angola), Casablanca (Morocco), Accra (Ghana).
South Africa is the most attractive tourist paradise for the wealthy mainly due to the main destinations being Kruger National Park, Cape Town, Umhlanga and Franschhoek. In addition, there are a number of other tourist destinations in Africa that attract a large number of luxury tourists such as Marrakech and Casablanca (Morocco), Cairo and Sharm El Sheikh (Egypt), Livingstone Falls (Zambia), Okavango Swamp (Botswana)...
