Saturday, 5 March 2016

The rise of Africa's super-rich -

The rise of Africa's super-rich -

"At the end of 2014 there were 169,000 millionaires in the continent -- a number expected to rise by 53% over the next 10 years, according to the Knight Frank Wealth Report 2015.

In addition, the total wealth held by Ultra High Net Worth Individuals, or UHNWIs - those with a net worth of at least $30 million - was $200 billion.

Wealth advisers expect their UHNWIs in Africa to spend more on luxury goods than the previous year as a result.
The rise of Africa's super-rich has put the continent on the map as the new frontier for global luxury brands. WealthInsight, a global research and analysis firm focused on the world's richest individuals, has singled out 10 cities where Africa's ultra-high-net-worth individuals (UHNWI), those with over $30 million of net assets excluding their primary residence, live.<br /><br />Kano, in Nigeria's north, is in 10th place, with 10 UHNWI's in residence.

But it's not just the super-wealthy with money to burn.

Sections of Africa's rising middle class are increasingly finding themselves with greater spending power -- although debate remains about how to define Africa's middle class and whether it is resilient as middle classes elsewhere in the world..."

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