World Economy

East Africa Home to 11,000 Millionaires

East Africa Home to 11,000 MillionairesEast Africa Home to 11,000 Millionaires

Opportunities for making money still exist as seen by the increasing numbers of millionaires across East Africa who top just over 11,000.

According to the latest data by research firm New World Wealth, since 2000, Africans who have become millionaires has grown by 145%, East African Business Week reported.

This is twice the global average over the same time with South Africans presently numbering the most.

The country recorded a 135% increase during the last 15 years and this has pushed the figure of millionaires up to 46,800. The report states that within the next decade, the figure for all Africa is expected to grow another 45%.

These High Net Worth individuals who can count on having at least $1 million on hand,  are also helping to underpin the growing demand for high-end goods and services.

Though huge parts of Africa remain locked in extreme poverty, it’s impossible to miss the emergence of ultra-wealthy individuals. However the report gives little insight into how many of these individuals made their millions.

In East Africa and due to its bigger economy and more sophisticated financial markets, Kenya leads the way.

Mauritius, the island off the coast of East Africa, boasts the highest wealth per capita of any country on the continent at $21,470. However, it is important to note that this is way below the global average of $26,000.

A 124% increase in the number of millionaires since 2000 has left Kenya with more than 8,000 HNW individuals.

The second-largest economy in the East African Community, Tanzania now has 2,200 millionaires, up 120% from the turn of the millennium.

There has been a 116% increase in Uganda of HNW individuals between 2000 and 2014. This means there are now 1,300 millionaires in the country.

However, no East African economy has seen a bigger climb in the ultra-wealthy than Ethiopia. According to the report, the numbers have risen by 250% to 2,800 since 2000.

Over the past 14 years, wealth per capita has increased by 133% in Africa compared to the global average of 63%. Angola has seen the highest jump in the region with 532% growth.

In Nigeria, the number of HNW individuals has more than quadrupled to 15,400, a 305% increase since 2000.

Morocco, the fifth largest African economy (and the second in north Africa) now has 4,800 millionaires, a rise of 118% since 2000.

In Botswana, which is a major diamond exporter, the number of millionaire residents has risen by 160% since 2000, climbing to 2,600. Despite having a population of fewer than three million people, Namibia hosts 3,100, a 244% rise over 15 years ago.