The number of millionaires living in Africa is set to rise by 65 percent over the next 10 years, according to a new report by Henley & Partners.
The number of millionaires living on the world’s second-largest continent is set to rise by 65 percent over the next 10 years, according to the. Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are all expected to experience at least 80 percent millionaire growth by 2033, the wealth advisory firm estimates.This New Wilderness Camp in South Africa Wants to Slow Down the Safari ExperienceThe forecasts are quite surprising given the current state of Africa’s economies.
The number of millionaires living in Africa has plummeted by nearly 20,000 in the past decade, in fact. The continent is now home to just 135,200 individuals worth $1 million or more, which marks an 8 percent drop from 2013. There are also 342 centimillionaires and 21 billionaires living in Africa, the firm found. Collectively, these individuals have a total wealth of approximately $2.5 trillion.
“Approximately 18,700 high-net-worth individuals have left Africa over the past decade,” Andrew Amoils, head of research at New World Wealth, said in a, Egypt, Nigeria, Kenya, and Morocco together account for 56 percent of the continent’s millionaires and over 90 percent of its billionaires.
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