So too will the demand for luxury goods rise exponentially. Recent sales and enquiries for multimillion-rand yachts by millionaires, especially by dollar millionaires playing in the energy fields, reflect this trend.
Africa also leads the way in Knight Frank's Luxury Hotspot research, which identifies the areas of growth for luxury brands over the next 10 years. Ghana, SA, Nigeria, Kenya and Zimbabwe all appear in the top 10.
The number of ultra-high-nett-worth individuals (UHNWIs) - those with more than US$30 million or more in nett assets - across the world has grown by 59% since 2003, but in Africa the increase has been 130% against the world average of 8.3%. This compares to 89% in Asia, 116% in the Middle East and just 44% in Europe.
"This can only mean we will see more and more luxury brands flooding our shores," said Derrick Levy, MD of Boating World, boating brokers, exporters and importers specialising in luxury motor-yacht market in sub-Saharan Africa.
A recent sale of the prestigious, R25 million 65 Fairline squadron yacht, the first of its kind to be sold through South Africa into Angola, is testimony to this. After weeks of meticulous fine-tuning by Boating World, the yacht was cleared for her West Coast journey to her new home in Angola.
Data from the report suggests that by 2023 that number will further increase by 53%, taking the number of UHNWIs in Africa to 2858. The forecast 10-year growth in Africa's wealthy billionaires is 52%. The report shows that Nairobi will lead the way with a 78% increase, followed by Marrakesh (60%), Joburg (41%) and Cape Town (37%).
Another interesting trend is the return of skilled young Africans to their African roots, leaving behind their high-flying Fortune 500 positions in Europe to start giving back to Africa. Boating World has had a number of this type of clientele purchase luxury yachts, the 65 squadron being the most recent.
For more, go to www.boatingworld.co.za
