According to data by the research firm New World Wealth, the number of people in Africa with assets worth $1 million or more has grown by 145% since year 2000. This is twice the global average over the same duration. The figure is expected to grow another 45% within the next decade. So where are Africa’s wealthiest ?
In 2014, South Africa was home to the highest number of millionaires on the continent at 46,800 . Egypt came in second with more than 20,000, followed by Nigeria in third place.
Sector breakdown of African individuals worth $1m or more – [Excerpt]
- South Africa: 20% in financial services, 16% in real estate and construction, 14% in basic materials, 8% retail.
- Nigeria: 24% oil & gas, 16% basic materials, 13% transport, 10% financial services.
- Kenya: 19% in real estate and construction, 18% in financial services, 10% in manufacturing.
- Angola: 41% in oil and gas, 13% in financial services, 12% in real estate and construction, 8% in basic materials, 6% in transport.
- Ghana: 24% in financial services, 16% in real estate and construction, 13% in fast-moving consumer goods, 10% in basic materials, 7% in retail.
- Zambia: 22% in basic materials, 16% real estate and construction, 12% financial services, 9% transport.
The World Bank has forecast an average of 5.5% economic growth for sub-Saharan Africa in 2016, but it warned that “extreme poverty remains high across the region”. The number of poor people in Africa (defined as those living on less than $1.25 a day) increased from 411.3 million in 2010 to 415.8 million in 2011, World Bank data shows.