Global property consultancy group Knight Frank has published its 2021 Wealth Report, showing that Zambia and South Africa will lead the biggest rise in wealthy individuals in Africa over the next five years.
Knight Frank’s model predicts that the global population of ultra-high-net-worth individuals (UHNWIs) – someone with a net worth of over $30 million will grow by 27% over the next five years.
The group also forecasts that the number of high-net-worth individuals (HNWIs) – someone with a net worth of over $1 million – will rise by 41%.
The report said Africa is expected to see the second-biggest regional five-year UHNWI growth rate – 33% – led by Zambia and South Africa.
The report highlights the expansion of this cohort to underline the potential of growing mass affluent populations across Africa and Asia.
Accelerated growth in lower wealth tiers will serve to reverse some of the widening inequalities of 2020, spurred on by entrepreneurial spirit and technological opportunities.
This reverses the trend seen in 2020 when HNWI numbers actually contracted against modest growth in the worldwide population, the group said.
Asia tops the group’s five-year UHNWI growth forecast with 39%, led by Indonesia on 67% and India on 63%.
This would see Asia’s proportion of global UHNWIs rise from 22% to 24%.
Europe will retain its crown as the second-largest wealth hub with an expected growth of 23%, bringing the total number of UHNWIs to 185,860.
The biggest rises are forecast in Poland with 61%, and Sweden with 59%.
But the outlook for households earning more than US$100,000 a year is even more positive according to Oxford Economics, which is forecasting 139% growth over the same period.
Although Covid-19 was still far from under control in many parts of the world as The Wealth Report went to press, this year’s forecasts represent optimism for the emergence of a new economic cycle and set new expectations for the post-pandemic world.
This reverses the trend seen in 2020 when HNWI numbers actually contracted against modest growth in the worldwide population of those with US$30 million or more in net assets (UHNWIs).
This reinforces the resilience of wealth, matching our forecasts from the 2020 edition of The Wealth Report.
Zambia my beautiful country and it’s people on the rise, Praying I should be one of the HNWI in the next 5years
That’s great! Let them submit their tax returns and pay their taxes as well. We don’t shoddy wealth that can’t be profiled. We just hear about some people being wealthy in Panama Papers with properties Cayman Islands but with nothing to show. Make money genuinely not through shoddy mukula deals
INDEED THATS GOOD NEWS
CAN YOU IMAGINE RECOVERING THE BILLIONS ST0-LLEN DURING THE PF RULE
SO DONT LET PF TELL YOU THIS RISE IS THANKS TO THEM
This would have been good news if the economic indicators were all positive and the masses’ quality of life was also on the up, but alas, the opposite is the case. This makes me to conclude that this wealth is not based on productivity and strong economic fundamentals but on political connections, chinese tenders for infrastructure and straigh up pilfering from the coffers of the state. We wish them good luck with enjoying their loot….
Yes it’s true all the suppliers of fire tenders, ambulances , all the thieves of mukula timber and kickbacks from road tenders etc will see a lot of wealthy people crop up very shortly.
The problem is inequality. While this number may rise, we expect many more to slide into poverty. An additional question to consider is, what is the source of this wealth? is it genuine investment in productive sector where the rich will generate jobs? We need people like Dangote who has created many jobs through his investment than those who believe in mansions, private jets, Big cars etc.
Utupuba tuletalika
And yet here we have tribal upnd supporters claiming that our economy is in tatters. If you are suffering there abroad as a upnd diasporan then it is you who is just f00Iish and lazy. Here the friends and family you left are even doing better than you. See your lives
Only under UPND will things rapidly improve in Zambia. Do you expect the same PF who put you in the economic quagmire to get you out, Surely they have no clue
This is not very good news for arm chair critics, But very good news for people who working on the ground especially the farming community. I have seen a rise in the number of young people who have taken up farming and are doingg their best.
You can sit on computer and try to dispute this. But the truth of the matter is that even in the mist of economic challenges today there are Zambians who are doing very well and would not even want to risk their earnings through a change of government. Many of these Zambians are not even politically connected but are making it big in construction, dairy farming, aquaculture, small scale mining, trade in rose wood, transport haulage and so forth. The Zambia of 1990 is not the Zambia of today. It is a changed Zambia growing by leaps and bounds.
Will it benefit the ordinary Zambians?
Rich will only benefit themselves.
Just see how much tax do rich people pay?
Some people sit on here spreading so much negativity about PF this or PF that when they do not even have a single plot or have never even built a single house. Yet there are Zambians with massive property who have accumulated this through their hard work, savings and systematic investment.
Thanks to that Zambian who stole from privatisation and stashed the money in foreign accounts. Now he tells everyone he is law abiding when not Thanks too, to the Regna Saturnia fund that will make him that rich.
Can someone please tell Kaiser Zulu to go to school. Is it HH that taught these PF to steal, let him tell us how he has made his millions so also become rich like him. How much taxes is he paying to the government
Not many rising from genuine ‘economic activities’ – mostly thieves. Having more rich people does not necessarily translate into a trickle down effect for the rest. In fact it can mean an increase in rich people and an even higher increase in poorer ones, hence widening the gap. An inequitable distribution of wealth.
Will such wealth be genuine? If so what will be the drivers of such wealth?
Martha fuseke. Hope uliche though
Witchcraft and satanism will be suspected still stemming from jealous losers.
THE MAN K-Z ON HERE IS AN IMPOSTER !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
USE Y&OUR BARAIN CAN A MAN WITH SUCH AN ATTITUDE RUN A BUSINESS ?? NEVER EVER
EVEN AS THOSE CLOSE TO THE PRESIDENT AND THEY WILL TELL YOU HE IS A NOTHING AN UNKNOWN
THE ONLY ONE WHO UNDERSTANDS THIS IS TARINO >>
MARTHA CARRYN ON YOU CANT LISTEN TO THIS SCUUM BAG
PF thugs have made an impact on the global index. Thats how much govt money has been stolen by those who want kubwelelapo. Never!!!
PF cadres are not wealthy…There wealth is dependent on PF retaining power. If UPND win the elections then all PF cadres will be poor again!!!
@ Doug number 6. You are right. Let me add, China has the second largest number of billionaires in the world, and an inequality that’s beyond comprehension.
Yes, all countries will surely have wealthier people coming up, but majority will become poorer if we don’t handle our social services and taxes well.
It is okay to reward people for their hard work, but the society that enables them to create wealth ought to be rewarded equally.
Commenter #3 Uwakwisano is right .The rotten economic indicators don’t support these projected numbers.
That is why Knight Frank sells houses at such exorbitant prices in Zambia and South Africa. They believe that Zambians are rich but the houses remain unsold on the market for years!