forex.pm forex forum binary options trade - Bloomberg: Wealth among Africa’s Rich to Hit $3 Trillion by 2031

Africa’s private wealth is expected to jump 38% over the next decade to $3 trillion, driven by growth in the technology and professional services sectors, according to Bloomberg.

Henley & Partner’s African Wealth Report, published Tuesday, wrote that non-state wealth in Mauritius, Rwanda and Uganda is expected to increase at the fastest rates on the continent during this period by at least 60%. It added that significant gains are also expected in Kenya, Morocco, Mozambique and Zambia.

"Our outlook for growth in Africa is very good compared to most other regions globally," said Andrew Amuels, head of research at Johannesburg-based New World. “In Uganda, Mozambique and Zambia, we expect particularly strong growth in the 100 millionaire fortune list, or individuals with more than $100 million,” he said.

Amuels said Uganda’s jump is likely to come from tourism, real estate and financial services. In Mozambique, it will come from tourism, BPO and manufacturing, while in Zambia, growth is expected to come from raw materials such as mining and financial services.

Diversity of sources of wealth is “the really exciting thing,” said Fossey Thempkwyo, CEO of My Growth Fund Venture Partners, in the foreword to the report. Over the next decade, he added, “the open question will remain whether or not growth will be evenly distributed so that it begins to reduce inequality.”

Africa's Richest Man Aliko Dangote is betting $21 Billion on oil and fertilizers. Dangote decided to build a refinery in southern Nigeria on a swampy patch of land roughly half the size of Manhattan.