Monday, January 04, 2016

The rich get richer

The 2015 Africa Wealth Report shows that South Africa has the highest number of High Net Worth Individuals (HNWI) on the continent of Africa. 

African HNWI has increased by 145% over the past fourteen years.
The combined wealth of the African HNWI’s is estimated to be in excess of US$660 billion.

In South Africa the super wealthy have a net worth of around $184 billion.  There are about forty-six thousand millionaires in the country and they are living the high life.In South Africa, the Black Economic Empowerment Program has accounted for a number of the newly wealthy. Most of the newly rich have acquired their fortunes since the beginning of the Rainbow Nation in 1994.  The divide between the wealthy whites and the wealthy blacks is becoming blurred. Race is no longer a guarantee of wealth in South Africa.  Many middle-income earners are facing hard times.  More and more whites are working at laboring or minimal income jobs.  Equality in poverty, one must suppose is, at least, better than no equality.

The Mozambique wealthy are projected to increase over the next ten years, and according to the World Bank, recent discoveries of oil and gas in Mozambique will pave the way for investment and wealth generation.

Zambia has long been defined as a country stricken by poverty.  Fifty-eight percent of the rural community lives in extreme poverty.  The disparity of wealth in the country is huge. Zambian super-wealthy individuals are projected to emerge from the tourism, business and mining sectors over the next ten years.

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