Earlier this month we reported that Africa has experienced and is still experiencing a rapid growth in the number of High Net Worth Individuals, that is the number of people that have at least 1 million US dollars in assets.
We also reported that according to AfrAsia Bank’ Africa Wealth Report 2017 in Africa there are 145000 millionaires with a total wealth of about 2.2 trillion.
We contacted AfrAsia Bank and asked them to share with us a copy of the full report, which was eventually sent to us.
The report is very informative. It explains why wealth has decreased in Zimbabwe (since 2000) and in Nigeria (in 2016), it provides detailed information about how African millionaires invest their money, it ranks countries in terms of number of HNWI and multi-millionaires, it discusses the development of the fine art market (+22 per cent, now worth 870 million), it indicates the value of the cities per square meter, and the number of HNWI per city.
Johannesburg, Cairo, Cape Town, Lagos and Nairobi have the highest number of HNWI. This finding is not terribly surprising considering the population and the GDP of South Africa, Egypt, Nigeria and Kenya.
.The most rapid growth in the number of HNWI occurred in East Africa. Nairobi, Addis Ababa, Kampala, and Dar Es Salaam are the cities with the greatest increase in the number of millionaires from 2015 to 2016.
But where is wealth expected to grow in the future? The answer is once again East Africa. The number of millionaires in Addis Ababa, Dar es Salaam, Nairobi and Kampala is expected to grow faster than in any other city.
Investors and business people looking to make some profits should keep this information in mind and bring their business to East Africa to capitalize on this golden opportunity.