The number of ultra high net worth individuals (UHNWIs) in Africa will increase by 53 per cent taking the total to 2,858 by 2023, a report said.

The number if multi-millionaires in Africa will grow at a faster rate than anywhere else, added the Wealth Report released by Knight Frank, a global property consultant.

The number of Ultra High Net Worth Individuals (UHNWIs) – those with $30 million or more in net assets - across the world has grown by 59 per cent since 2003, more than doubling in Africa, the Middle East, Latin America and Australasia.

The report shows that Nairobi will lead the way with a 78 per cent increase, followed by Marrakesh (60 per cent), Johannesburg (41 per cent) and Cape Town (37 per cent).

"Africa's potential for wealth creation should not be underestimated, given the amount of foreign investment, including social investment; it has received and is likely to receive in the future,” said Ouliana Vlasova, chief analyst at WealthInsight. – TradeArabia News Service