(Ecofin Agency) - At the end of 2017, there were 148,000 wealthy individuals with a cumulated wealth estimated at $920 billion, “Africa Wealth Report 2018”, a report published on September 12, 2018, by New World Wealth and AfrAsia Bank reveals.

Out of those High net worth individuals (HNWI), 7,100 are multi-millionaires (worth at least $10 million) while 320 were worth at least $100 million, the same source informs. There were also 24 billionaires.

During the period under review, the overall private wealth (owned by individuals) was $2,300 billion. By 2027, it should increase by 34% to stand at $ 3,100 billion.  

Mauritius, Ghana, Rwanda, and Uganda are to register growth in personal wealth estimated to be between 90% and 150% in those coming ten years.

Mozambique, Zambia, Ethiopia, Kenya, Botswana, and Namibia should register growth between 50% and 80% within the above-specified period.

Let’s note that the Africa Wealth Report covers 17 African Countries. Some countries like Algeria and DR Congo are not covered due to lack of credible data.