South Africa Ranked 2nd Wealthiest in Africa, Zimbabweans Ranked Poorest

The little African island of Mauritius harbours the wealthiest Africans while Zimbabwe has the poorest, according to a collaborative April 2017 report by AfrAsia Bank and New World Wealth.

The report shows that Mauritians are the wealthiest in Africa, with $25 700 in wealth per person.

South Africans are ranked the second wealthiest people on the continent, with an average wealth per person of $11 300, while Namibians come third with an average wealth per person of $10 200.

Zimbabweans were ranked the poorest in wealth per person, with an average of just $200.

The report shows that 34% of African ‘high net worth individuals’ (HNWI) (millionaires in this regard) owned residential property in other countries at the end of 2016, and especially preferred international cities such as London, New York, Geneva, Sydney, Paris, Melbourne, Tel Aviv and Dubai.

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A large number of African millionaires also buy homes in other African countries, most notably South Africa, the report further reveals.

Notably, the majority of African millionaires reported to purchase houses in South Africa are from Angola, Ghana and Nigeria.

The wealth advisory firm pointed out that “wealth per capita” refers to the average wealth of a person living in each country.

Mauritius is also the top performing African country in terms of wealth growth over the past 10 years to 2016 – at 230%.