According to a new report South Africa, Egypt and Nigeria have tens of thousands of millionaires, while other African countries like Ethiopia and Ghana are climbing the wealth statistics.
Africa is slowly but surely
becoming the new frontier for wealth, as economic growth continues to prosper
in several of the developing economies and more and more financial services firms
emerge across the continent, new figures show.
A new report shows that South
and Nigeria have tens of
thousands of millionaires, while other countries like Ethiopia and Ghana are climbing the wealth
statistics. According to an analysis of the African high net worth community by
New World Wealth, an Oxford-based wealth
consultancy, Ethiopia has
been the fastest growing African market for millionaires over the past six years
followed by Angola, Tanzania, Zambia
and then Ghana.
The study focuses on HNW performance between the end of 2007
(the peak before the global financial crisis) and 2013 and only included
African countries with over 800 millionaires in 2013. In this respect, the high
net worth individuals refer to individuals with net assets of $1 million or
more excluding their primary residences.