The number of African millionaires might be higher by 2024, numbering around 258,000 millionaires, which equates to a rise of 53%. Africa is still largely underestimated and is slowly gaining ground on that market: 80% of luxury monobrand stores are operating in Morocco and South Africa.
Also, KPMG states that the ultra-wealthy individuals are mostly going to South Africa (Cape Town and Johannesburg) or to Morocco in Marrakech – which is attracting luxury hotel investors, as noted by CPP Luxury – and Casablanca.
Luxury goods for men, such as men’s clothing, watches, accessories, jewellery, etc., play a major role as they still have a higher income than women and are popular amongst wealthy men of power.
Source: Bloomberg – KPMG – CPP Luxury
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