Number of Africans with $50m or more in assets will jump in next five years
Globally, the number of ultrawealthy individuals rose 10% in 2017 to a 129,730 people, growing 7% in Africa and 26% in Russia
The number of ultrawealthy South Africans is expected to rise 20% over the next five years, due to improved business and economic confidence resulting from Cyril Ramaphosa’s election as president, a report suggested on Thursday.The number of ultra-wealthy South Africans — defined as those with $50m or more in assets — should rise by 20% by 2022, having risen 14% in 2017 to about 500 people, according to real-estate consultancy Frank Knight’s 2018 Wealth Report.The number of South African dollar multimillionaires — with $5m or more — grew 13% in 2017, to 10,235.The number of ultrawealthy individuals had declined 22% between 2012 and 2016, and the number of individuals with $5m or more had fallen 13% over the same period, the report read."Wealthy South Africans are likely to continue moving money abroad and acquiring dual citizenship, although they are now also more likely to stay resident in the country since they are supportive of the new ANC leader," said Ian Bremmer, head of polit...
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