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Africa Wealth Report 2016
Apr 13, 2016

A new Research and Markets report titled The Africa 2016 Wealth Report says that Mauritius is the richest country in Africa with an average wealth of 21,700 dollar per person, while Zimbabwe’s is the poorest with a per capita wealth of just 200 dollars.

  • Mauritius was ranked ahead of South Africa with a per capita wealth of $10,300, Namibia ($10,200), Botswana ($8,400) and Algeria (6,200 dollars).

  • The high wealth per capita in Mauritius could be explained by factors such as secure property rights, a thriving financial sector, low crime rates, migration of a large number of wealthy individuals, low taxes and low level of government regulation in the business sector.

  • The report which was in its third edition, examined various factors related to wealth in Africa, including the trends of High Net Worth Individuals (HNWI), the luxury trends and wealth management trends in each country.

  • It concluded that Africa has about 165,000 High Net Worth Individuals, with combined wealth holdings of $860 billion.

  • HNWIs are the wealthiest people on the continent with at least one million U.S. dollars, without considering their living expenses.

  • About $125 billion of the wealth of Africa’s HNWIs is tied up with wealth management companies.

  • The report says that South Africa, especially Johannesburg, is the hub for Africa’s private banking, with at least $72 billion dollars.

  • It estimates that the African market of private banks will record a 7% annual increase for the next ten years, and that the most promising African emerging markets for private banks are Ghana and Kenya.

  • In Africa, around $28 billion is tied up in venture capital companies and foundations that are linked to the wealthy. Many HNWIs use these vehicles as a way to transfer money to the next generation.

Poverty in Africa

Africa is developing fast but there are less than just a handful of countries that are making a global impact whose economy is actually growing. Some African countries are still regarded among the poorest countries in the world today. A large number of citizens in most countries in the largest populous black continent still live in abject poverty with only a few people being able to afford to live above the poverty line. Political insecurity and war has made some of these nations difficult to live in.

The classification below is based on International Monetary Fund’s gross domestic product per capita (GDP per capita) which is a measure of purchasing power in the international market.

12 Poorest Countries in Africa

1. Mali- GDP Per Capita: $715

2. Sierra Leone- GDP Per Capita:$679

3. Togo- GDP Per Capita: $636

4. Eritrea- GDP Per Capita: $544

5. Ethiopia- GDP Per Capita: $505

6. Madagascar- GDP Per Capita: $463

7. Democratic Republic of Congo– GDP Per Capita: $484

8. Liberia- GDP Per Capita: $454

9. Niger- GDP Per Capita: $415

10. Central African Republic- GDP Per Capita: $333

11. Burundi- GDP Per Capita:$267

12. Malawi- GDP Per Capita: $226

(Data: 2015)

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