By CHATULA KANGALI –
A SOUTH African-based research company on the global wealth sector has included Zambia among the African countries that will add millionaires at the fastest rate on the continent by 2024.
New World Wealth (NW Wealth) says Zambia is among African countries that have a growing number of millionaires.
NW Wealth head of research Andrew Amoils said Zambia and Mozambique were expected to lead growth for high-net-worth (HNWI) if natural resources were well-managed.
“There has been an important growth in the recent years in Zambia and Mozambique in sectors such as metals, oil and gas, and the reason why these countries are expected to lead growth for HNWI, if natural resources are well-managed over the next decade,” said Mr Amoils.
Zambia ranks 17th in terms of HNWI in Africa, accounting for 0.63 per cent of the total with South Africa topping the list representing 29.3 per cent but an expected growth of 40 per cent towards 2024.
Africa accounts for 1.02 per cent of the world’s HNWI currently calculated in 14.65 million, according to Capgemini, a consulting, technology and outsourcing company.
And the 2015 Africa Wealth Report has ranked Zambia in the third position in wealth creation.
The report states that Zambia has the potential to double its number of millionaires to 2,000 in the year 2024.
Mozambique tops the list with a potential growth of 120 per cent to 2,200 followed by Ivory Coast growing at a rate of 109 per cent to 4,800 in the same period.
These growth rates are far higher-than expected growth rate for African millionaires at 4.5 per cent to approximately 234,000 in 2024.
According to the report, basic materials, real estate, financial services, and transport will be the main economic sectors where new millionaires will accumulate wealth.