The number of African millionaires has almost doubled since 2001. In fact, there are more than 160 000 African high net worth (HNW) individuals who have combined holdings of roughly US$660 billion, according to the Africa Wealth Report for 2015.
The number of HNW people on the continent increased by nearly 150% over the past 14 years, compared to a 73% global growth rate of HNWs.
The majority of these wealthy individuals reside in South Africa, despite the weakening of the local currency. Since 2007, there has been a 9% increase in the country’s dollar millionaires – while forecasts reckon that by 2017, there will be 55 500 dollar millionaires in South Africa, up from 46 800 at the end of 2014.
Egypt is second on the list, while Mozambique is projected to be the fastest-growing HNW area in Africa over the next decade.
