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Finding the Mythical Zamundians in Africa

Mapping Africa’s Wealthiest

The number of High Networth individuals continues to increase. Africa has seen an appreciable increase in millionaires worth $1million

The charts below are a composite from the Knight Frank 2020 Wealth Report and Standard Bank Report.

Where do they live?

South Africa dominates the listing with the wealthiest. Mauritius surprisingly for its size outpaces places a strong second place, potentially due to its relative stability and idyllic scenery

Projecting 2024 UHNW

Kenya is expected to provide the most growth from the regional superpowers whilst South Africa is forecast to loose significant numbers

How do they spend?

There is no rest for the wicked Millionnaire. They can be seen to be hustling on the side, more prone to reinvest in their own enterprises and averse to sophisticated financial instruments.

Trending?

Nigeria is projected to significantly increase its number of high net worth individuals over the next two years.

Conclusion

A business built from humble beginnings, can be an unparalleled success” Peggy-Sue Khumalo

The potential to generate wealth continues to grow, the middle classs in Africa will increase as opportunities for development improve. The Covid19 pandemic has been a hard hit and the full impact is yet to be determined.

It will be interesting to observe if this trend is sustained over the coming years.

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