Zambia Among African Countries With Fastest Growth In Millionaires

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Zambia has been recently included by New World Wealth (NW Wealth), a South African based research company on the global wealth sector, among the African countries that will add millionaires at the fastest rate in the continent towards 2024.

The Africa Wealth Report 2015 ranks Zambia at the third position with a potential to double its number of millionaires to 2,000 in 2024, while Mozambique tops the list with a potential growth of 120% to 2,200 followed by Ivory Coast growing at a rate of 109% to 4,800 in the same period.

These growth rates are far higher than the expected growth rate for African millionaires at 45% to approximately 234,000 in 2024.

According to the report, Basic Materials, Real Estate, Financial Services, and Transport will be the main economic sectors where new millionaires will accumulate their wealth since together represent approximately 60% of the wealthiest in Zambia.

There has been an important growth in the recent years in Zambia as in Mozambique in sectors as metals and oil and gas, reason why these countries are expected to lead growth for high-net-worth individuals (HNWI) if natural resources are well managed over the next decade, explained NW Wealth Head of Research, Mr. Andrew Amoils.

Zambia ranks 17th in terms of HNWI in Africa accounting for 0.63% of the total with South Africa topping the list representing 29.3%, but an expected growth of 40% towards 2024.

Africa accounts for 1.02% of the world’s HNWI currently calculated in 14.65 million according to Capgemini, a consulting, technology and outsourcing company.