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Browsing: Africa’s wealth
According to New World Wealth, Africa will have a 38% wealth increase over the next decade, with eastern African countries likely to lead the way, with “over 60% growth estimated in Rwanda and Uganda by 2031, and over 50% in Zambia and Kenya .”
It goes on to say that this will be fueled by rapid expansion in the technological and professional services industries.
According to the research, “South Africa has the largest luxury market in Africa in terms of revenue, closely by Kenya and then Morocco.” Over the next decade, the African wealth management market is expected to rise by 60%.
According to the report, Africa’s most enormous wealth was recorded in 2012 at US$2.4 trillion, while the largest number of dollar millionaires was 148,000 in 2017. However, the continent has been widely chastised for producing millionaires while leaving hundreds of millions of residents in poverty.
The Africa Wealth Report 2022, released by Henley & Partners in partnership with New World Wealth, ranked the wealthiest cities in Africa by total wealth.
Listed in the report are the richest cities using total private wealth held by all the individuals living in each city.
The parameters measured were assets, cash, equities and business interests. Henley’s survey indicated the top two wealthiest cities on the continent are in South Africa. Johannesburg topped, followed by Cape Town.
