Ranks of super-rich Africans on the rise

A report released yesterday by Knight Frank supported by Standard Bank Wealth and Investment, points out that the number of ultra high net worth (UHNW) individuals in the African continent is expected to increase by 59% over the next 10 years.

The Wealth Report 2015 says those with at least $30 million in assets – in Africa will increase by a staggering 59% over the next 10 years, stronger than the 34% projected global growth.

The research findings put the growth of Nigeria’s ultra-high-net-worth individuals by 2024 at 90%, but the top spot for Africa is reserved for the Ivory Coast at 119%.

Johannesburg stands out as the most important African city after ranking as the 28th most important city for ultra-high-net-worth individuals and Cape Town, the 36th.

Standard Bank Wealth and Investment Global Chief Executive, Margaret Nienaber says Africa is one of the regions of the world with huge potential to grow its wealth, driven by a rising middle class and the increased success of many businesses. Importantly, reforms in many countries are being ....

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