Mozambique: a magnet of wealth

The Africa 2015 Wealth Report says that Africa is the fastest growing market in the world for high net worth individuals. Countries like Mozambique, Ivory Coast and Zambia are the biggest wealth magnets, says the report.

The report reviewed wealth in Africa, including luxury trends and wealth management trends in each country. AFK Insider reports that over the next ten years – according to the Africa 2015 Wealth Report – Mozambique is expected to be the fastest growing African market for individuals with a net worth of $1 million or more. Mozambique’s strong economic growth is an excellent base for the ‘new rich’.

The number of high-net-worth Africans increased by 145 percent from 2000 to 2014, while the worldwide growth of millionaires increased by 73 percent for the same period. Over the next 10 years, African millionaires are expected to increase from 161,000 to approximately 234,000 — a 41 percent increase.

At the end of 2014, Africa had about 161,000 high-net-worth individuals living on the continent with combined wealth of US$660 billion, according to the report. South Africa is home to the most people in Africa worth $1 million or more, and despite the turmoil, Egypt ranks No. 2 on the list, the report said.

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