Mozambique: Fastest-Growing African Country For Millionaires

Written by Dana Sanchez

Over the next 10 years, Mozambique is expected to be the fastest growing African market for individuals with a net worth of $1 million or more, followed by the Ivory Coast and Zambia, according to a press release on the Africa 2015 Wealth Report.

Africa is the fastest growing market in the world for high net worth individuals, the report says. The report reviewed wealth in Africa, including luxury trends and wealth management trends in each country.

High net worth individuals, or HNWI, is a classification used by the financial services industry. The most commonly quoted figure for membership in the high net worth “club” is $1 million in liquid financial assets, according to Investopedia. An investor with less than $1 million but more than $100,000 is considered affluent. The upper end of HNWI is around $5 million, at which point the client is considered “very HNWI.” More than $50 million classifies a person as “ultra HNWI.”

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.

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.

That averages out to about $4.1 million US each.

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.

Check out Forbes‘ list of Africa’s 50 highest net worth individuals here. At least half the people on the list are billionaires and the rest of the top 50 are at least half-billionaires with a net worth of $500 million or more.