African individuals with 30 million US dollars in assets is set to more than double over the next decade, this is according to The Wealth Report 2015.
The Wealth Report 2015 compiled by Knight Frank with support from Standard Bank Wealth and Investment, said the number of ultra-high-net-worth individuals is set to surge 59 per cent over the next 10 years, stronger than the 34 per cent projected global growth.
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According to the report, it will be a case of the of Mexico, Indonesia, Nigeria and Turkey (MINT) trumping Brazil, Russia, India, China and South Africa (BRICS).
The average expected uplift for MINT countries is 76 per cent over the next decade, which narrowly defeats the 72 per cent for BRICS nations, according to research which includes the Global Cities and Global Attitudes annual surveys.
The global average is just 34 per cent and the average increase expected across the G8 developed nations is 28 per cent.
Margaret Nienaber, global chief executive of Standard Bank Wealth and Investment said the market is evolving and we are foreseeing positive future growth in key African countries like Nigeria, which has one of the strongest forecast growth rates in high-net-worth individuals over the coming decade.
“Africa is one of the regions of the world with huge potential to grow its wealth, driven by a rising middle class and the increased success of many businesses."
"Importantly, reforms in many countries are being expedited, infrastructure is happening at a startling pace and foreign investors are noticing,” added Nienaber.
“The countries mentioned in this report have certainly built credibility among foreign investors and it is little surprise economic activity in the region is growing at a faster pace than anywhere else in the world.”
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“At Wealth and Investment we are well positioned to take advantage of the growth potential on the continent. We have offices throughout South Africa, and in Kenya, Nigeria, Mauritius, Jersey and London.With the Group’s footprint in 20 countries on the African continent we are also able to service high net worth clients in these other markets.”
According to the report, Johannesburg stands out as the most important African city after ranking as the 28th most important city for ultra-high-net-worth individuals and Cape Town, the 36th.