Africa’s billionaire population drops due to political instability: survey - CNBC Africa

Africa’s billionaire population drops due to political instability: survey

Special Report

by Trust Matsilele 0

The survey said in Africa, Cairo is one of the cities billionaires are concentrated in. PHOTOS: Truth Alliance/Dentons

Wealth-X and UBS Billionaire Census global study defined billionaires as individuals with a net worth of one billion US dollars or above.

The report also reveals that 91 per cent of the 155 new billionaires are worth between one billion US dollars and two billion dollars.

According to the study, the World’s billionaires control nearly four per cent of the world’s wealth.

However, the report also shows the billionaires’ total wealth to have grown in the same period.

The decrease in the population has been attributed to volatile socio-political conditions in the region especially in North Africa.

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The study also shows that natural resources played an important role in creating the region’s billionaires.

“12 per cent of the region’s billionaires are in the oil, gas and consumable fuels industry – a higher percentage than in any other region,” read part of the report.

The survey of the world’s ultra-affluent population also predicted that the global billionaire population will surpass 3,800 by 2020.

“Between July 2013 and June 2014, the billionaire population grew by seven per cent to reach 2,325, an all-time record high,” the report said.

According to the report, 34 per cent of the World’s billionaire population is concentrated in the 20 cities with the largest billionaire populations.

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In Africa, billionaires are concentrated in Cairo with 13, Lagos 10, Stellenbosch four, Johannesburg four, and Casablanca four.

The Wealth-X and UBS also revealed details on the education status of the affluent class with 35 per cent being comprised of those without a university degree.

About 65 per cent hold university degrees with 21 per cent holding an MBA, and 11 per cent holding PhDs.  

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