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Namibia – Africa’s new frontier, report; names Africa’s top 10 wealthiest cities

The 2023 Africa Wealth Report revealed that Namibia is expected to be one of Africa’s fastest-growing markets going forward, with high-net-worth growth of over 60% forecast by 2032.

The Report is the continent’s annual benchmark for wealth research and is now in its 8th year, providing a comprehensive review of the wealth sector in Africa, including trends among high-net-worth individuals – HNWIs, the luxury market, and wealth management

Accordingly, the country’s total investable wealth currently stands at USD 26 billion, with 2,100-dollar millionaires. Its recently launched residence by investment offering is likely to attract more high-net-worth investors from across the globe as Namibia has much to offer, including a source-based tax system, which means that foreign residents are only taxed on the income that they generate in Namibia.

Commenting in the report, Catherine Shipushu, Senior Manager at the Namibia Investment Promotion and Development Board, said the country is endowed with abundant natural resources including diamonds, uranium, copper, and gold.

“Namibia has one of the largest uranium reserves in the world and is currently attracting global attention with recent discoveries of gas and oil reserves off the coast. With bold ambitions of becoming the sustainable energy capital of Africa, the country’s strategic location and world-class port make it an ideal gateway to over 300 million people in other African markets.”

Wealthiest cities and residential areas

The report says that four of Africa’s Top 10 wealthiest cities are in South Africa.

Johannesburg tops the list as the city with the most millionaires in Africa, with 14,600.

Egypt’s Cairo comes in 2nd place with 7,400 resident HNWIs, which is just ahead of Cape Town, which has 7,200.

Nigeria’s Lagos falls in 4th position with 5,400 millionaires, and Kenya’s Nairobi in the 5th position with 4,700.

The other two South African cities in the Top 10 are Durban, in 6th place with 3,600 and Pretoria in the 8th spot with 2,400 HNWIs.

“South Africa is home to some of the world’s most upmarket residential areas including Clifton in Cape Town, Beachy Head Drive in Plettenberg Bay, and Sandhurst in Johannesburg,” says report.

According to New World Wealth’s latest figures, there are approximately 3,700 homes in South Africa that are valued at over USD 1 million. By this measure, South Africa ranks as one of the 20 largest prime residential markets in the world, well ahead of the other countries in Africa and in line with big emerging markets such as India and Brazil.

Other cities include; Morocco’s Casablanca (2,800), Ghana’s Accra (2,000) and Angola’s Luanda (1,800).

Some of the fastest-growing markets in the world

The report indicates that Africa is home to some of the world’s fastest-growing markets, including the likes of Rwanda and Mauritius.”

In terms of projections, Mauritius is expected to experience the highest wealth growth rate at 75% over the next decade (2032). This will make it the fourth fastest-growing country in the world over this period in millionaire growth percentage terms, after Vietnam, India, and New Zealand.

Commenting in the report, Louisa Mojela, Group Chairman of the black women-owned investment company, WIPHOLD, says Africa is undoubtedly open for business.

“Known as the continent with both the youngest and fastest growing population means that Africa naturally holds the greatest potential for investment prospects. Additionally, having the dubious honor of also being the poorest continent opens up a myriad of opportunities from an investment growth potential point of view. Without doubt, Africa provides the broadest and most fulfilling opportunities for impact investing.”

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