Kenya is expected to produce 7,500 new millionaires over the next decade, according to the Knight Frank 2017 Wealth Report.
Currently Kenya has 6,800 people worth $1 million, 280 individuals worth $10m, and 100 persons worth $30m(UHNWI). The number of Ultra High Net Worth Individuals will rise to 180 by 2026 according to the Knight Frank forecast.
“In Africa, sharp rises are expected in countries such as Mauritius, Kenya Ethiopia, Tanzania, Uganda, Kenya and Rwanda,” notes the report.
On the other hand, Tanzania has 1,300 people worth $1m, 50 people worth $10m and 30 persons worth $30m compared to Uganda’s 800 people with $1m, 40 people worth $10m and 20 persons worth $30m.
“We see the potential for entrepreneurs to do well in these countries and elsewhere, whether by creating stronger, smarter family businesses or providing professional services as economies expand,” says Knight Frank.
South Africa has 18,200 people worth $1m and 970 people worth $10m and 320 people worth $30m.
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The report notes even though the total number of Ultra High Net Worth Individuals (UHNWI) in African countries is starting from a relatively low base, wealth is expected to increase all the way up the chain.
Outpace Europe and North America
The growth in ultra-wealthy populations in Africa (33%) and Latin America (37%) will also outpace that in Europe and North America.
Kenya is also among the world’s top 20 popular destinations for High net worth individuals seeking to buy homes, explaining the high cost of property in the East African nation.
In fact, of the 20 countries whose ultra-wealthy populations have grown most rapidly over the last decade, 11 are in Africa. In pole position sits Mauritius which, with its reputation as a relatively safe, business-friendly country with lower tax rates than many countries in Africa, is expected to remain a popular retirement hotspot for the wealthy.
Citiwise, New York leads with its 6,570 UHNWI residents easily outranking London’s still respectable 4,750. However, this only gives us part of the picture. The world’s wealthy are a footloose group, and the place they call home is only a starting point when trying to unravel the locations that most resonate with them.