What Countries in Africa Do The Super-Rich Visit???
According to a report, AfrAsia Bank Africa Wealth Report 2017, which looks at the wealth market in Africa, 48,000 multi-millionaires visited the continent in 2016. And if you’re curious about the definition of a multimillionaire, see the box below:
At the end of 2016, according to the report, there were roughly 145,000 individuals with net assets of $1million+ living on the continent and these guys/gals had a combined wealth holding of ~ $800 Billion; while over 7,000 individuals with net assets of $10 million + (or double-digit millionaires) were also living in Africa (please where can I find one??).
Wonder what these folks spend their money on? Luxury everything including prime real estate (think beachfront villas and second homes abroad), luxury clothing, watches and accessory brands and collectibles, especially art, wine and classic cars with Ferrari, Bugatti, Porsche, Aston Martin and Lamborghini being the favourite brands.
The report says individuals in Africa with net assets of $1 million or more are expected to increase by 36% over the next 10 years. Great news. Question is, will you be one?