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$1 million or more (excluding their primary residences).
According to NWW, during the period 2007-2013, Nigeria saw its millionaire tally grow 44%, with South Africa’s growth during the recorded period at 14% – while Egypt only grew 2%.
South Africa remains the top African country for millionaires with 48,700 of these individuals in 2013, followed by Egypt with 22,800 and Nigeria with 15,700.
In terms of growth rate forecasts, Ivory Coast is set to grow its rich list by 243% between 2013 and 2030, to 7,200 millionaires. Zambia ranks second with an anticipated 200% growth to 2,700 millionaires; followed by Ghana (196% growth) and then Ethiopia (193% growth).
Africa: Fastest growing countries for millionaires, 2013 – 2030
GDP per capita growth
New World Wealth notes that Ethiopia tops the charts when it comes to GDP per capita growth.
Ethiopia is one of the largest countries in Africa in terms of population, with over 85 million inhabitants, and NWW expects it to become one of the 10 largest African wealth markets by 2030.
NWW says that Egypt’s strong GDP performance is somewhat surprising, considering the recent political turmoil in the country.
Africa: GDP per capita, (US$), 2007-2012
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