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According to the 2014 New World Wealth report the number of millionaires in Ethiopia is on the rise. According to the data, the number of millionaires (US Dollars) in the country grew from 1,300 in 2007 to 2,700 by September this year.
The report says that the growth is mainly attributed to the increasing GDP but it also states that even though there is growth in the GDP, it is yet to translate into individual wealth on a larger scale.
“Economic growth is a major factor in wealth creation. However, it takes time for GDP growth to create wealth growth. Wealth growth is heavily dependent on the strength of the local banking system. For instance, in countries such as Cote d’Ivoire and Ethiopia, strong GDP growth has not yet translated into UHNWI (Ultra High Net Worth Individual) numbers due to a weak banking system,” it reads.
According to Ouliana Vlasova, chief analyst at WealthInsight which is a research institute, Africa has huge potential to create wealth.
“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,” Vlasova says.
Ethiopia’s per capita income is still low (USD 470) when compared with other African countries such as Egypt (USD 3,187) and South Africa (USD 7,508). Although a majority of Africa’s wealth boom has been because of mineral resources, the driving force for the growth of millionaires in Ethiopia has primarily come about from agriculture and manufacturing.
South Africa is the top African country for millionaires with 48,700 in 2013, followed by Egypt with 22,800 and Nigeria with 15,700.