If you are a young African with non-traditional ways of growing – and keeping – your money, the future is looking bright. According to consultancy Knight Frank’s Wealth Report 2016: ‘The profile of a rich African is shifting from older white-haired males to younger, hip millennials.’
As reported by AFKInsider, the study suggests that by 2025, the proportion of super-rich Africans (particularly in Angola, Egypt, Kenya, South Africa and Nigeria) will increase by 54%, compared to a global average of just 41% within the same period.
Ultra-high net-worth individuals (i.e. with investable assets of US$30 million and above) have revitalised the continent’s real estate and luxury goods market. In 2015, there were 2 650 such ultra-wealthy individuals – by 2025, there could be as many as 4 000.
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