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According to the latest ‘Africa wealth Report, released this week by research firm New World Wealth and Henley & Partners, 56 per cent of the continent’s high-net-worth individuals (HNWIs) and over 90 per cent of its billionaires are concentrated in Africa’s big five private wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco.
According to the latest ‘Africa wealth Report, released this week by research firm New World Wealth and Henley & Partners, 56 per cent of the continent’s high-net-worth individuals (HNWIs) and over 90 per cent of its billionaires are concentrated in Africa’s big five private wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco. From the continent of 54 countries, six countries have dollar billionaires, Egypt 8, South Africa 5, Nigeria and Morocco 4, and Algeria and Tanzania one each.
The report stated that the estimated total private wealth currently held on the African continent is USD 2.4 trillion with 138,000 HNWIs with a private wealth of $1 million or more, along with 328 centi-millionaires worth $100 million or more, and 23 US-dollar billionaires.
South Africa hosts almost double the number of HNWIs as any other African country, and 30% of the continent’s centi-millionaires. Egypt tops in the number of billionaires, while Mauritius has the highest wealth per capita in Africa, at USD 37,500, followed by South Africa at USD10,880 and Namibia at USD 10,050.
It has projected that Mauritius will witness the highest private wealth growth rate at 75% over the next decade (to 2032) leading it to the fourth position in the world in millionaire growth percentage terms, after Vietnam, India, and New Zealand.
The report discloses that the number of HNWIs in African countries depended on local and global economic conditions. Migration of the super-rich to other countries also influenced the numbers. It pointed out that 18,500 HNWIs have left Africa over the past decade while approximately 1,200 HNWIs moved within Africa, with most relocating to Mauritius and South Africa. The most popular overseas destinations are the UK, the USA, and the UAE.
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http://trendsnafrica.com/africa-and-russia-to-create-a-multipolar-world/
Several African countries are wooing HNWIs by providing residence and citizenship by offering investment opportunities
