AFRICANGLOBE – Kenya and Tanzania are both among the top 10 countries in Africa in terms of the numbers of millionaires, a new report says.
The report, African Millionaire City Rankings, produced by the UK and South African consultancy firm New World Wealth, shows that East Africa is holding its own among the fastest growing regions on the continent in terms of economic growth but that this growth is not evenly shared.
The report follows another produced earlier this year which showed that five business people from East Africa were among the continent’s 55 billionaires.
In Kenya, overall there are 8,400 millionaires with 5,700 in Tanzania and a massive 48,800 in South Africa.
Nairobi also ranks among the top five countries in terms of the number of city millionaires with 5,000 living in Nairobi alone.
The richest city is unsurprisingly Johannesburg, which tops the millionaire list with 23,400 millionaires at the end of 2012, followed by Cairo with 12,300 and Lagos with 9,800.
Cape Town with 9,000 millionaires and Nairobi make up the top five. But over the next seven years Nairobi, in second place, and Dar es Salaam, in fifth, are expected to be amongst the fastest growing cities in Africa in terms of the numbers of millionaires.
The NWW report says that the number of millionaires living in Nairobi is growing by 6.3 per cent a year while in Dar the figure is six per cent. By the end of this decade, there will be 8,100 millionaires in Nairobi and 3,000 in Dar.
In Kenya, there will also be around 12,900 millionaires overall compared with 9,300 in Tanzania, which will leave Kenya in fourth place over the whole of Africa, compared with Tanzania in sixth.
New World Wealth based some of its findings on World Bank and UN statistics but also on research by Credit Suisse and Trading Economics.
Kenya’s capital also has what New World Wealth describes as 65 “multimillionaires,” (individuals with assets of over $30m) and Dar 25, striking figures given the levels of poverty among both cities’ populations.
But the country with the fastest growing number of millionaires between 2012 and 2020 is unexpectedly listed as Ethiopia, with annual growth rates of 7.4 per cent, meaning the Horn of Africa nation will have around 4,700 millionaires by the end of the decade.
By: Paul Redfern