According to The Wealth Report 2015, the number of ultra-high net worth individuals in Africa will increase by a staggering 59% by the year 2024. When we speak of ultra-high net worth we refer to any person who has at least US$30-million in assets to their name.
This is higher than previous estimates that put the growth over a 10-year period at 34%. The higher projection highlights the increasing influence of global and African wealth flows on prime property and investment markets.
According to The Wealth Report 2015, compiled by Knight Frank with support from Standard Bank Group Wealth and Investment, Ivory Coast will see the greatest grown (119%) in the number of these rich people. Nigeria's ultra-high networth individuals by 2024 is expected to grow 90%.
In South Africa, Johannesburg stands out as the most important African city. The Wealth Report 2015 ranks it as the 28th most important city globally for ultra-high net worth individuals and Cape Town is 36th.
Catering to the whims of these “uberwealthy” is opening up a lot of opportunities for business. While so-called investments of passion, such as art, wine and classic cars continue to attract interest, property remains the cornerstone of many investment strategies as it accounts for almost a third of all ultra-high net worth individuals' portfolios.
When it comes to leisure time, they demand only the best as their downtime is valued. As such exclusive travel experiences are also high on the list of most of these ultra-high net worth individuals.
Standard Bank Group provides various services to qualifying individuals and their families through our Wealth and Investment Unit (previously known as Standard Bank Group Private Clients). Read more about it at www.standardbank.com/wealthandinvestment.