According to the 2023 Africa Wealth Report (published in March 2023 by Henley & Partners, the global leader firm in residence and citizenship by investment, in partnership with South African wealth intelligence firm New World Wealth), South Africa, Egypt, Morocco, Nigeria and Kenya account for 56% of the Africa’s high-net-worth (HNW) individuals and over 90% of its billionaires. The number of millionaires is expected to jump by 42% over the next decade. Interestingly, South Africa has the highest number of HNWIs and centi-millionaires, while Egypt has the most billionaires. For more details about South Africa, in particular its affluent real estate market, please see our special article here.
Furthermore, the Report indicates that Africa is home to some of the world’s fastest-growing countries such as Mauritius and Rwanda. For instance, Mauritius has the highest wealth per capita in Africa and is expected to experience the highest wealth growth rate at 75% over the next 10 years making it the fourth fastest-growing country in the world in terms of millionaire growth percentage.
Moreover, Namibia is expected to be the new kid on the block with one of the fastest-growing markets in Africa in the future and predicted high-net-worth growth of over 60% in the next decade (for more details about the strong potential of Namibia, please see our special article here).
We, at VASIL Partners agree with Mrs. Louisa Mojela, the group chairman of black women-owned investment company WIPHOLD that Africa is open for business and its young and fast-growing population provides the greatest potential for investment opportunities. Additionally, being the poorest continent opens up various opportunities for strong investment growth potential.
Considering to set up your company and invest in Africa? Do you want to know more about how to do it? Drop us an email (office@bensonformations.com) or give us a call (+44 20 3974 1244) at any time.
