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Africa’s richest man, Aliko Dangote (Left), has a net worth of about US$18 billion, according to Forbes. Tom Saater/Bloomberg

Ranks of African millionaires swell

The sinking tide of commodity prices has lowered incomes for the rich and poor, but for a growing class of African millionaires, the effect may be less painful than for others.

Durban, South Africa: Durban has seen fastest growth of millionaires in South Africa since 2000.

What are South Africa's fastest growing cities for millionaires?

The city of Durban has seen the fastest growth of millionaires – high net worth individuals (HNWIs) with assets of US$1m or more – in South Africa, according to New World Wealth’s latest report.

Addis Ababa, Ethiopia

Ethiopia: The Addis millionaire's club

At first glance, Ethiopia would seem like a tough place for business owners to make it big. The strength of the state stands in contrast to the fledgling private sector, where foreign competition is barred in key industries and big sectors are entrusted to state-owned companies.

Johannesburg skyline | Source: Shutterstock

In South Africa, more evolution than revolution

When Khanyi Dhlomo opened a plush designer boutique here late last year, it revealed as much about the national psyche as it did about the local fashion industry.

Africa has the world's fastest growth in high net worth individuals (HNWIs)

Africa is the fastest growth region for private banking globally: New World Wealth

The private banking unit of South Africa-based Investec holds Africa’s largest portfolio of assets under management with USD 23.7 billion, reflecting increased demand for services from the affluent segment of the continent’s population.