Ethiopia houses 2,700 millionaires: Africa Wealth Report

Ethiopia, alongside other fast-growing African economies, is poised for a significant increase in its population of high-net-worth individuals (HNWIS), according to the 2024 Africa Wealth Report by Henley & Partners. Currently, Ethiopia houses approximately 2,700 millionaires, but projections suggest a robust growth in this demographic over the next ten years.

The report, now in its ninth edition, estimates that the continent’s millionaire population will expand by 65%, buoyed by emerging markets like Ethiopia. The total investable wealth in Africa now stands at USD 2.5 trillion, with Ethiopia poised to contribute increasingly to this figure amidst its economic developments.

Despite challenges such as currency depreciation and migration of wealth, the report highlights significant growth opportunities in nations like Ethiopia. The country's economic policies and developing sectors are expected to foster a conducive environment for wealth accumulation and investment. Among the wealth markers, cities like Addis Ababa are predicted to become crucial hubs for wealth generation in the region. The growth in millionaire numbers will also likely boost local economies, providing more opportunities for luxury real estate and high-end services.