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.

HNWI growth forecast by country, 2014-2024

	Growth %	Number of HNWIs, 2014	Number of HNWIs, 2024
Mozambique	120%	1,000	2,200
Ivory Coast	109%	2,300	4,800
Zambia	100%	1,000	2,000
Ethiopia	89%	2,800	5,300
Tanzania	82%	2,200	4,000
Ghana	81%	2,700	4,900
Kenya	69%	8,500	14,400
Uganda	54%	1,300	2,000
Angola	44%	6,400	9,200
Mauritius	44%	3,200	4,600
Nigeria	43%	15,400	22,000
South Africa	40%	46,800	65,700
Botswana	38%	2,600	3,600
Namibia	35%	3,100	4,200
Morocco	35%	4,800	6,500
Egypt	35%	20,200	27,200
Algeria	26%	4,700	5,900
Numbers rounded to nearest 100.

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