Mozambique's beachfront leisure home and recent discoveries of gas will be the major pull factors of high-net-worth individuals (HNWIs) into the southern African country.
HWNI are those with net assets, excluding their primary residence, of more than $1 million.
The interest of rich people in the country has been growing for over a decade; this will see Mozambique becoming the fastest growing African market for high-net-worth individuals (HNWIs) over the next ten years, according to the New World Wealth report.
(READ MORE: High-net-worth Africans to double by 2025)
Mozambique is expected to be followed by the Ivory Coast and then Zambia.
The attractiveness of Mozambique has largely been driven by the country’s beachfront luxury home space and recent discoveries of huge gas deposits.
The report also expects HNWIs numbers in Africa to rise by 45 per cent over the next ten years, reaching approximately 234,000 by 2024.
According to the report, the region has seen an upsurge of HNWIs over the past decade.
“African HNWI numbers have increased by 145 per cent during the past 14 years (2000-2014) compared to the worldwide HNWI growth rate of 73 per cent during the same period,” read the report.
The New World Wealth also reported South Africa as home to the most HNWIs on the continent. Also a surprise in the list is Egypt which ranks second.
(READ MORE: Africa has the fastest growing amount of rich people)
The research also said there were approximately 161,000 HNWIs living in Africa at the end of 2014, with combined wealth holdings of 660 billion US dollars.
Africa is the fastest growing HNWI market in the world. This study provides a comprehensive review of the wealth sector in Africa, including HNWI trends, luxury trends and wealth management trends in each country.