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Africa counts 145,000 millionaires with a combined wealth of $800bn, according New World Wealth and AfrAsia Bank

Africa counts 145,000 millionaires with a combined wealth of $800bn, according New World Wealth and AfrAsia Bank
  • Comments   -   Wednesday, 05 April 2017 - 03:22

(Ecofin Agency) - At the end of 2016, Africa counted 145,000 millionaires with a combined wealth of $800 billion, according to a report published March-ending by the British research firm New World Wealth and AfrAsia Bank.

Over these millionaires, 7,010 are multimillionaires, the same source highlighted.

Between 2006 and 2016, the number of high net worth individuals (HNWI) grew by 19%.

In 2016 however, this number slumped by 2%, mainly as a result of a slowdown of economic growth, subsequent to the drop in prices of commodities.

In the ranking of countries across Africa with the wealthiest individuals, South Africa leads with 40,400 HNWI, ahead of Egypt (18,100), Nigeria (12,300), Kenya (9,400), Angola (6,100), Morocco (4,600), Algeria (4,500), Mauritius (3,800) and Namibia (3,300).Ethiopia closes the top 10 with 3,100 HNWI.

Next come Ghana, Botswana, Cote d’Ivoire, Tanzania, Uganda, Mozambique, Zambia, Rwanda and the Democratic Republic of Congo.

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