A data has been released on Africa by the New World Wealth (NWW) that shows how the Africans and South Africans super-rich make their money and how they invest it. According to the NWW’s 2017 report, South Africa, the country has a total of 40,400 dollar millionaires, and has many as 2,130 individuals with more than R125 million in their account.
At the end of 2016, The average African individual had net assets of approximately US$2,000 (wealth per capita).Total individual wealth held on the continent amounted to US$2.2 trillion.There were approximately 145,000 high net worth individuals (HNWIs) living in Africa, with combined wealth holdings of approximately US$800 billion.There were 7,010 multi-millionaires living in Africa.
NWW said lower-tier millionaires in Africa have a high propensity to hold cash and residential real estate, while billionaires tend to invest in collectables, commodities and other alternatives assets such as private equity and Affluent millionaires in Africa are most likely to invest in fixed income products and equities.
Data source: Businesstech