Newly Rich Africans Are Young, Hip Millennials Willing to Spend

A Gulfstream G650 jet. The route from Lagos to London is the eighth-fastest growing private-jet route in the world.

The profile of a rich African is shifting from older white-haired males to younger, hip millennials who have found new ways to make and keep money in a changing global scene.

There will be 3,933 ultra-wealthy individuals on the continent by 2025, from 2,650 last year, according to the Knight Frank Wealth Report 2016. In Kenya, for example, ultra high net worth individuals have increased 122 percent since 2005, rising 2 percent in 2015 alone, despite a struggling economy. Some of them are 20 to 30 year-olds.

“The ultra-high net worth individual is younger in emerging markets, like China and Africa, than in developed markets,” Andrew Shirley, editor of the report, told reporters in the Kenyan capital, Nairobi.

Read more: Newly Rich Africans Are Young, Hip Millennials Willing to Spend – Bloomberg Business

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