Despite the economic difficulties posed by COVID-19 and Russia’s war in Ukraine, a report projects that more billionaires will emerge from Africa in the next decades.

The report by Henley Global suggested that Africa will produce more millionaires compared to the United States, United Kingdom, and other developed nations.

In the report seen by Peoples Gazette on Monday, Managing Partner at Henley & Partners South Africa, Amanda Smit, revealed that emerging economies in Africa, Latin America, and other parts of the Global South were rapidly catching up with traditional high-income markets in terms of private wealth generation.

“As our latest report predicts, the number of HNWIs in the top 15 leading economies in Africa are forecast to grow anywhere between 40% and 80% over the next decade compared to just 20% in the US and 10% in France, Germany, Italy, and the UK,” Ms Smit said.

Mauritius is expected to have the largest high-net-worth-individual (HNWI) growth on the continent over the next decade, at 80 per cent, according to the report.

Other standouts include Uganda, which is forecast to grow its HNWI by 60 per cent by 2031, and Kenya and Morocco, both of which will see a growth of 50 per cent, while South Africa’s growth is expected to be 40 per cent, and Nigeria’s pegged at 30 per cent.

Recall that the International Monetary Fund had in April cut its global economic growth prediction for this year to 3.6 per cent, citing Russia’s war in Ukraine as a danger to a weak rebound from the pandemic disruptions.