AfrAsia Bank and New World Wealth have recently released a report showcasing Mauritius as one the fastest growing millionaire markets in Africa, with millionaire’s numbers rising by over 250% since 2000 to reach 3,200 by 2015.
Mauritius also boasts the highest per capita wealth (average wealth per person) of any African country at US$21,000 (Rs 756,630), well ahead of 2nd placed South Africa with US$11,000 (Rs 396,330).
As per the report, there are approximately 163,000 millionaires living in Africa (as of June 2015), with combined wealth holdings of US$670 billion (Rs 24 trillion). The number of millionaires has shot up from 66 000 in 2000, marking a staggering 146% increase.
“We have always been firm believers of the Hopeful Continent as we keep on bridging Africa to the world while showcasing Mauritius as a fundamental international financial centre of substance and the gateway to the African continent. African cities are today emerging as epicentres of growth and opportunity; we are proud to be part of any research initiatives that can benefit our stakeholders,” said James Benoit, CEO of AfrAsia Bank.
Johannesburg tops the list of top cities for millionaires with 23,400 millionaires followed by Cairo and Logos with 10,200 and 9,100 each respectively.
In the top cities for millionaires list we can also find Mauritius with 1,300 millionaires ranking 13th in the list.
Among major cities for millionaires, Accra is expected to be the fastest growing African city going forward.
According to Andrew Amoils, Head of Research at New World Wealth, “Accra’s strong growth is expected to be fuelled by significant growth in the following sectors in Ghana: financial services, telecoms, real estate & construction, media and healthcare.”
Accordingly Africa millionaire growth forecast by city for the period 2015-2025 shows Accra being first in the list with 78% growth forecast with 4100 millionaires in 2025.
Nairobi and Durban is expected to record 71% and 48% as growth percentage for millionaires by 2025.
In terms of largest number of millionaires by 2025 Johannesburg shall maintain the lead with estimation of 32,600 millionaires.