Boom in African millionaires

Johannesburg - Last year the number of dollar millionaires in Africa grew faster than anywhere else in the world.

According to Aon Risk Solutions, the number of people in Africa with investable assets of $1m or more swelled 11.1% last year.

Worldwide, the number of dollar millionaires was 8.3% up and those in the Middle East 10.4% up.

Aon’s Mandy Barrett said the rapid growth in the number of millionaires in Africa is also evident from the growth in demand for financial products they require.

She said the use of risk products designed to provide for the needs of the super-wealthy had risen 175% over the past two years.

Barrett attributed the greater demand for products to a need to protect the assets being accumulated.

Source: www.fin24.com

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