{UAH} In the five years between 2013 and 2018 the number of dollar millionaires in Africa grew 8% to 177,265,

In the five years between 2013 and 2018 the number of dollar millionaires in Africa grew 8% to 177,265, according to The Knight Frank 2019 Wealth Report. This number is expected to grow by a further 18% over the next five years to 208,713 in 2023. Africa's population of ultra-wealthy individuals, defined as those with net assets worth $30 million or more, is growing at an even faster rate. The number of these ultra-high-net worth individuals (UHNWIs) grew by 10% to 2,050 in the five years to 2018 and is expected to rise a further 20% to 2,450 by 2023.

Yet Africa's wealth market still represents a comparatively small slice of the global wealth and investment landscape, which Knight Frank expects will have no less than 23,404,810 dollar millionaires and 241,053 UHNWIs by 2023. Nevertheless, since most African countries are still developing their capital market infrastructure, HNWIs in Africa (outside of South Africa and Mauritius) are, arguably, much more significant drivers of economic growth than in other parts of the world.

https://www.ghanaweb.com/GhanaHomePage/features/Shedding-light-on-Africa-s-invisible-wealth-market-1081051

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