Africa is the next frontier in luxury distribution. Growing economies adding wealth and prosperity, a discerning clientele enjoying finest products and services and an open, hospitable atmosphere create a great opportunity for the world’s most prestigious luxury brands.
Sub-Saharan Africa is home to a sizeable and fast growing HNWI population: Over 120.000 millionaires call Africa their home. This compares to 95.000 in Russia. Their investable assets total USD 1.3 trillion.
Six out of ten African millionaires generated their wealth in the last six years and this growth is expected to accelerate - HNWI population will expand by 65% until 2020.
The most important Sub-Saharan markets for luxury distribution are South Africa, Nigeria, Angola, Ghana and Kenya.
Forbes 2013, New World Wealth Report 2013, Bain & Company / Map: Nala Swiss AG 2014