Mozambique is the African country expected to see the fastest growth in high-net-worth individuals (HNWIs) from 2014 to 2024, followed by Ivory Coast and Zambia.
This is according to the latest Africa 2015 Wealth Report, published by New World Wealth, a South African based company that provides information on the global wealth sector, with a special focus on high growth markets.
HNWIs (defined as those with net assets of US$1m or more) in Mozambique are expected to surge from 1,000 in 2014 to 2,200 by 2024, a 120% increase.
While Mozambique’s number of super-rich is forecast to rise the fastest, this growth is off a low base. Its total number of HNWIs is dwarfed by those in South Africa, the continent’s top wealth market with over 46,800 HNWIs in 2014.
The IMF expects Mozambique’s economy to expand by an average annual rate of 7.6% between 2014 and 2019. The African Economic Outlook report highlights the construction, transportation and communications sectors as some of the main contributors to Mozambique’s future growth. However, lower global commodity prices have put a damper on the outlook for the mining and nascent natural gas industries.
Overall the number of HNWIs in Africa is anticipated to grow by 45% over the coming decade, reaching about 234,000 by 2024.
|Growth %||Number of HNWIs, 2014||Number of HNWIs, 2024|
|Numbers rounded to nearest 100.|
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