Namibia is home to over 1600 US dollar millionaires and zero billionaires with a combined net wealth of US$22 billion according to the latest Africa Wealth Report by Mauritius-based AfrAsia Bank and intelligence firm New World Wealth.
According to the report, there are 1 600 people living in Namibia with a wealth of over US$1 million and 50 with a wealth of more than US$10 million.
Of the country’s combined US$22 billion wealth, U$10 billion belongs to Windhoek residents, with 900 having wealth of more than US$1 million and 40 being valued at more than US$10 million.
Neighbouring Botswana on the other hand has 2 000 millionaires and 80 individuals with a wealth of more than US$10 million, all worth a combined US$18 billion, with no US dollar billionaires.
The total wealth of the rich in South African is US$604 billion of which five are US dollar billionaires, 36 500 have a wealth of more than US$1 million and 1 930 have wealth of more than US$10 million.
“Wealth” according to the report refers to the net assets of a person and includes all their assets (property, cash, equities, business interests) less any liabilities. Notably, South Africa is home to over twice as many millionaires – High Networth Individuals (HNWIs) as any other African country, whilst Egypt has the most billionaires on the continent.
“Approximately US$140 billion of Africa’s HNWI wealth is tied up with wealth managers and private banks. Typically, wealth managers in Africa target individuals with over US$500,000 in investable assets. Services that are most in demand from them include: asset management services, financial planning and inheritance planning,” read part of the report.
On a wealth per capita basis, Namibia is the third wealthiest African country at US$8790 followed by Botswana at US$7810 , with Mauritius leading at US$31 900 , followed by South Africa at US$10 310.
Namibia’s performance has been poor, with total private wealth held in the country declining by 5% over the past decade, when measured in US dollar terms.
Total private wealth held in Africa is expected to rise by 30% over the next 10 years, reaching US$2.6 trillion by 2030, driven by strong growth in the billionaire and centi-millionaires’ segments in particular, the report noted.
Solid growth is also forecast in Namibia, Botswana, Mozambique and Zambia with a 40%+ growth rates.
