That’s roughly the number of millionaires living in Africa — and the figure is rising rapidly.
Most of them are based in Johannesburg, according to the latest AfrAsia Bank New World Wealth Report, which found that the South African city tops the list of millionaire hotspots with 23,400 individuals holding net assets worth at least $1 million.
Cairo follows in second with 10,200, whilst the Nigerian megacity of Lagos has 9,100.
Meanwhile, Accra is expected to see a 78% rise in millionaires by 2025 — the highest increase anywhere in Africa.
With financial security assured, the question on the lips of many of these wealthy individuals is not “How much?” but “What can I do with it?” Bimpe Nkontchou, a Nigerian-born lawyer with over 25 years of experience, has made it her business to find out.
We sit down with Nkontchou, the managing principal of UK-based wealth management company W8 Advisory, to find out how Africa’s ultra-rich spend their millions.
What type of millionaire typically looks for wealth management advice?
Bimpe Nkontchou: A lot of my clients are Nigerian, although I have clients in East Africa and other parts of West Africa as well.
Many of my Nigerian clients have made their money from oil exploration and services. But I’ve found that in the last five to seven years there have been a lot more people who have made their money from financial services, as well as in telecommunications, the media and the film industries.
We’re seeing non-traditional sectors picking up pace and affording an opportunity for wealth creation.
Read more at WPTZ.com