Do you live in Nairobi Kenya, or you plan going on a visit anytime soon?
You love the sight of posh cars that speed by on the country’s highways, you are easily marveled at the splendor and impressiveness the Bentleys, Jaguars, Chryslers and Porsches, albeit, heavily tinted windows, posses and leave you dreaming big; or you cringe at its grandeur, while walking along the highway, a far distance to meet your daily needs.
Whatever divide you fall, be sure that in the next 10 years you will be greeted with more of such opulence, every day, according to the Knight Frank Wealth Report 2017.
The report, has tipped Kenya to be a country of 7,500 new dollar millionaires over the next decade alone and the third wealthy population growth only behind China and India.
Although the New World Wealth does not forecast any growth in the ultra-wealthy population in Nigeria over the coming decade no thanks to the 20% decline last year alone due to economic and political tensions in the country, the report believe that the growth in ultra-wealthy populations in Africa in general will be the second highest in the world at 33% and will outpace that in Europe and North America in the projected years.
Of the 20 countries polled, 11 are in Africa, something consistent with the philosophy that Africa is rising , says “The Wealth Report: Global Perspective on Prime Property and Investment”.
In Africa, the number of new ultra-wealthy people rose from 2,010 in 2006 to 2,270 last year, owning $260 billion worth of wealth. By 2026, the number is expected to rise to 3,030, a 33 per cent increase.
Aside Kenya, sharp rises are expected in countries such as Mauritius, Ethiopia, Tanzania, Uganda, and Rwanda.
Mauritius which, with its reputation as a relatively safe, business-friendly country with lower tax rates than many countries in Africa, is expected to remain a popular retirement hotspot for the wealthy.
Mauritius will also be bolstered by its strengthening local financial services, with a forecast 130% rise in its UHNWI population over the next decade,” Mr Amoils says in the report.
However, according to the report there will be a snag on the opportunities for wealth creation to come to fruition in Africa, if stability of governance is not achieved.
Africa also showed a worrying trend because none of the countries was listed among the most preferred by this wealthy pool of people, on account of high political risk.
“Australia, Canada, Malta, the UAE, Qatar, Monaco and Israel are examples of key ‘safe havens’ attracting migrating ultra-high-net-worth individuals.”
According to the report, safety is key in attracting investment to the continent,
“Countries that offer a fiscal and political ‘safe haven’, as well as excellent quality of life, are expected to see strong growth over the next decade in ultra-wealthy people”
But with the General Election in Kenya coming this August, and with previous elections marred by tension and violence, especially in 2008, were 113 people were killed and another 600,000 people displaced, this year election could be key in determining if the report forecast can be realized.