{UAH} Why is Africa so unequal? - CNN.com

(CNN) Fast cars thunder down tree-lined avenues. Luxury yachts sway in the sparkling marina, while diners in trendy beach-side restaurants clink Champagne glasses, enjoying the gentle ocean breeze. 

This isn't Miami or the French Riviera, but Luanda, the capital of Angola. The city is a poster-child for the extraordinary economic boom experienced by many African nations since the early 2000s, its crane-filled skyline testament to the breakneck speed of construction seen in recent years. 

But it's not just Luanda. From million-dollar mansions dotted along Mozambique's coastline, to high-end shopping emporiums in Nigeria's metropolises, oases of affluence have sprung across the continent which has been home to seven of the 10 fastest-growing economies in the world.

For a section of the population, these favorable statistics have translated into enormous gains. Numbers of multimillionaires in Africa are predicted to rise by 59% in the next 10 years -- the highest growth of any region in the world. Nigeria is now one of the top markets for Champagne and, as growth stagnates in Europe and slows in China, purveyors of luxury goods increasingly look to Africa as their next frontier.

http://edition.cnn.com/2015/05/12/africa/africa-inequality/index.html

Brian M. Kwesiga

President and CEO,

Ugandan North American Association - UNAA

972.415.6372 | www.unaa.org | "United We Stand"