Ethiopia has seen the fastest growth in terms of new millionaires in Africa, at 108% over the past six years, followed by Angola, Tanzania, Zambia and Ghana.
This is according to new data by New World Wealth, an Oxford based wealth consultancy which has conducted an in-depth analysis of the African high net worth community.
“Millionaires” refer to individuals with net assets of US$1 million or more (excluding their primary residences).
The consulting firm said that over this same six year period many developed markets experienced a decrease in millionaire numbers. Overall, worldwide HNWI numbers are up by only 9% since 2007.
South Africa remains the top African country for millionaires with 48,700 of these individuals in 2013, followed by Egypt with 22,800 and Nigeria with 15,700.
In terms of growth rate forecasts to 2030, Ivory Coast comes out on top, followed by Zambia, Ghana and then Ethiopia.
By 2030, South Africa is set to remain on top as the African country with the most millionaires, however, Nigeria will leap ahead of Egypt into second place.
Africa: Fastest growing countries for millionaires, 2007 – 2013
According to NWW, South Africa’s growth during the recorded period was at 14%, while Egypt only grew 2%.