According to a just released Wealth Report compiled by Knight Frank on wealthy individuals in Africa, the number of multi-millionaires in Africa will grow at a faster rate than anywhere else in the world over the next 10 years. The report says Africa also leads the way in Knight Frank’s Luxury Hotspot research, which identifies the areas of growth for luxury brands over the next ten years.
The number of Ultra High Net Worth Individuals (UHNWIs) (individuals with more than US$30m or more in net assets) across the world has grown by 59% since 2003, but in Africa the increase has been 130%. This compares to 89% in Asia, 116% in the Middle East and just 44% in Europe.
Data from the report suggests that by 2023 that number will further increase by 53% taking the number of UHNWIs in Africa to 2,858. The report shows that Nairobi will lead the way with a 78% increase, followed by Marrakesh (60%), Johannesburg (41%) and Cape Town (37%).
OulianaVlasova, chief analyst at Wealth Insight, which provided the data said “Africa’s potential for wealth creation should not be underestimated, given the amount of foreign investment, including social investment, it has received and is likely to receive in the future.
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