South Africa’s millionaires set to grow 78%

South Africa will continue to top the charts as the country in Africa with the most millionaires, up 78% by 2030; however, Nigeria is set to overtake Egypt.

This is according to new data by New World Wealth, an Oxford-based wealth consultancy group 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).

According to NWW, during the period 2007-2013, Nigeria saw its millionaire tally grow 44%, with South Africa’s growth during the recorded period at 14% – while Egypt only grew 2%.

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, Ivory Coast is set to grow its rich list by 243% between 2013 and 2030, to 7,200 millionaires. Zambia ranks second with an anticipated 200% growth to 2,700 millionaires; followed by Ghana (196% growth) and then Ethiopia (193% growth).

Africa: Fastest growing countries for millionaires, 2013 – 2030

# Country Millionaires (2013)
Millionaires (2030)
Growth
1 South Africa 48,700 86,700 78%
2 Nigeria 15,700 43,000 174%
3 Egypt 22,800 34,700 52%
4 Kenya 8,300 21,200 155%
5 Angola 6,400 15,600 144%
6 Tanzania 5,600 15,200 171%
7 Tunisia 6,400 12,400 94%
8 Libya 6,300 10,500 67%
9 Morocco 4,900 9,700 98%
10 Ethiopia 2,700 7,900 193%

GDP per capita growth

New World Wealth notes that Ethiopia tops the charts when it comes to  GDP per capita growth.

Ethiopia is one of the largest countries in Africa in terms of population, with over 85 million inhabitants, and NWW expects it to become one of the 10 largest African wealth markets by 2030.

NWW says that Egypt’s strong GDP performance is somewhat surprising, considering the recent political turmoil in the country.

Africa: GDP per capita, (US$), 2007-2012

# Country per capita GDP (2007)
per capita GDP (2013) Growth
1 Ethiopia 243 470 93%
2 Egypt 1,758 3,187 81%
3 Angola 3,413 5,485 61%
4 Zambia 953 1,469 54%
5 Ghana 1,099 1,605 46%
6 Tanzania 421 609 45%
7 Algeria 3,869 5,404 40%
8 Nigeria 1,127 1,555 38%
9 South Africa 5,930 7,508 27%
10 Morocco 2,416 2,925 21%

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South Africa’s millionaires set to grow 78%