On the backdrop of a recent report released by the United Nations which ranked Botswana as one of the most miserable places on earth, it will come as a surprise that Ireland-based market research company, Research and Markets, has released a report ranking Botswana as the fourth richest country in Africa with a per capita wealth of 8,400 dollars.
In its “The Africa 2016 Wealth Report” released a couple of days ago, Mauritius was ranked the richest African country with a per capita wealth of 21,700 U.S. dollars, ahead of South Africa with a per capita wealth of 10,300 dollars, Namibia (10,200 dollars) and Botswana (8,400 dollars).
For Botswana, the average wealth per inhabitant was calculated as per economic development pertaining to the financial sector, property rights, lifestyle, security, and fiscality. All 20 African countries which were surveyed all saw a surge in per capita wealth during the period between 2000 and 2015.
The report provides a comprehensive review of the wealth sector in Africa, including HNWI trends, luxury trends and wealth management trends in each country. It estimates that the African market of private banks will record a 7% annual increase for the next ten years, and that the most promising African emerging markets for private banks are Ghana and Kenya.
The report further showed that South Africa, especially Johannesburg, is the hub for Africa’s private banking, with at least $72 billion dollars.
Zimbabwe which was one of the wealthiest countries in Sub-Saharan Africa in 2000 on a wealth per capita basis, is now ranked poorest with a per capita wealth of 200 U.S.