Sundaymail EditorOVER the next 10 years, Mozambique is expected to be the fastest growing African market for individuals with a net worth of US$1 million or more, followed by Cote d’Ivoire and Zambia, according to a Press release on the Africa 2015 Wealth Report.
Africa is the fastest growing market in the world for high net worth individuals, the report says. The report reviewed wealth in Africa, including luxury trends and wealth management trends in each country.
High net worth individuals is a classification used by the financial services industry.
The most commonly quoted figure for membership in the high net worth “club” is US$1 million in liquid financial assets, according to Investopedia.
An investor with less than US$1 million but more than US$100 000 is considered affluent. The upper end of HNWI is around US$5 million, at which point the client is considered “very HNWI”.
More than $50 million classifies a person as “ultra HNWI”.
South Africa is home to the most people in Africa worth US$1 million or more, and despite the turmoil, Egypt ranks second on the list, the report said.
At the end of 2014, Africa had about 161 000 high-net-worth individuals living on the continent with combined wealth of US$660 billion, according to the report.
That averages out to about US$4,1 million each.
The number of high-net-worth Africans increased by 145 percent from 2000 to 2014, while the worldwide growth of millionaires increased by 73 percent for the same period.
Over the next 10 years, African millionaires are expected to increase from 161 000 to approximately 234 000 – a 41 percent increase. – afkinsider.com
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