The recently released Africa Wealth Report, published in partnership with New World Wealth by Henley & Partners, predicts a substantial increase in Africa’s High-Net-Worth Individual (HNWI) population over the next decade, with Mauritius leading the way.
According to the report, the number of HNWIs across Africa is expected to grow by an impressive 42% in the next 10 years.
However, the total HNWI numbers on the continent have experienced a decline of 12% since 2012, particularly in South Africa, Egypt, and Nigeria. Nevertheless, the future looks promising as Africa’s millionaire population is projected to reach 195,000 by 2032, a remarkable 42% increase.
Mauritius, in particular, stands out with a projected growth rate of 75% in the next decade.
Moreover, several other African countries, including Rwanda, Zambia, the Democratic Republic of Congo, the Seychelles, and Morocco, are expected to witness a growth rate of over 60% for HNWIs.
One significant trend influencing this surge in wealth is the rise of natural and eco-friendly businesses, which is set to captivate HNWIs and catalyze a booming eco-tourism market.
Africa, with its abundant natural beauty and diverse ecosystems, holds tremendous potential to attract eco-conscious investors and luxury travellers seeking sustainable experiences.
Africa boasts the youngest and fastest-growing populations globally, a factor that offers endless possibilities for investors.
The continent’s “Big 5” wealth markets, namely South Africa, Egypt, Nigeria, Kenya, and Morocco, currently account for 56% of Africa’s HNWIs and over 90% of its billionaires.
Countries like Rwanda are experiencing significant development, signaling a substantial leap in their wealth potential.
Rwanda emerged as the top-performing market in Africa, witnessing a remarkable 72% growth in millionaires.
Additionally, countries such as Mauritius, the Seychelles, Uganda, the Democratic Republic of the Congo, Morocco, and Kenya also experienced solid growth in their HNWI populations.
Source: Voice Online
