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Which African countries will see the greatest growth in millionaires?

Research firm New World Wealth recently put together a ranking of African countries forecast to experience the greatest growth in high-net-worth individuals (HNWIs) over the coming decade.

It defines HNWIs as those with net assets of US$1m or more, excluding the value of an individual’s primary residence.

Mozambique is anticipated to be the fastest growing African country for millionaires from 2013 to 2023, followed by Zambia and Côte d’Ivoire.

The ranking only includes countries that will have 2,000 or more millionaires in 2023.

HNWI growth forecast by country, 2013-2023 (figures rounded to nearest 100)
CountryGrowth %Number of HNWIs, 2013Number of HNWIs, 2023
1.Mozambique133%9002,100
2.Zambia122%9002,000
3.Côte d'Ivoire118%2,2004,800
4.Tanzania100%2,0004,000
5Ethiopia96%2,7005,300
6.Ghana96%2,5004,900
7Kenya73%8,30014,400
8.Uganda69%1,6002,700
9.Angola56%6,40010,000
10.Morocco50%5,0007,500
11.Tunisia48%6,2009,200
12.Algeria41%4,9006,900
13.Nigeria40%15,70022,000
14.Namibia35%3,1004,200
15.South Africa35%48,70065,700
16.Libya33%6,0008,000
17.Botswana27%2,6003,300
18.Egypt22%22,30027,200

Africa’s largest economy Nigeria is only ranked in 13th position. According to the report, HNWI performance in Nigeria is being held back by unrest in the northern part of the country.

It says South Africa, in 15th position, will be negatively impacted by ongoing political and labour challenges.

It is estimated that at the end of 2013, Africa had 165,000 millionaires, with a combined wealth of $660bn. The number of African-based millionaires have grown by more than 150% over the past 13 years (2000-2013), compared to 73% globally over the same period.

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