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Wealth will leap again in Africa

Wealth will leap again in Africa

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Incomes in Africa continue to round up, especially for the wealthy. According to the seventh edition of the annual Africa Wealth Report, published by Kenley & Partners in partnership with the research firm New World Wealth, private wealth is expected to grow by 38% on the continent in the coming decade. And in Morocco, Kenya and Mozambique, it should even soar by +50% !

 

“Africa is home to some of the fastest growing markets, such as Rwanda, Uganda and Mauritius, says Andrew Amoils, Head of Wealth Research at New World Wealth. And we expect private wealth growth of +60% in these three countries over the next decade, driven by especially strong performance in the technology and professional services sectors.”  Mauritius is a particularly interesting case, with the fastest wealth growth on the continent, and another +80% in the next ten years. It also has one of the world’s fastest high-income growth rates, along with Australia, Malta, New Zealand and Switzerland.  The country already has the highest per capita wealth in Africa, at $34,500. South Africa ($10,970) and Namibia ($9,300) are (quite) far behind.

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Featured photo : © Christie’s International Real Estate

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