Namibians among wealthiest in Africa

Namibia, which is the 34th largest country in the world with a population of just over two million, is one of the wealthiest countries in Africa per capita. Namibians are the third wealthiest individuals on the continent with an average of U$10 800 (N$140 400) per person. The wealth per person in Namibia has increased since 2015 when it was N$132 600. This is according to the Afrasia Bank's Africa Wealth Report, which said the average wealth per capita globally was N$351 000 at the end of last year. While Namibia's wealth per capita is still significantly lower than the world average, it is much higher than the African average of approximately N$26 000 (U$2 000). According to the report released this year, there are 3 300 millionaires and 120 multimillionaires with wealth of U$10 million or more in Namibia. Half of them reside in Windhoek. Mauritians are Africa's wealthiest individuals with an average of N$ 334 100 per person while Zimbabweans are the poorest with a measly N$2 600 per individual. The report also measured the total wealth of African countries, placing Namibia 15th on the continent with a total wealth of U$24 billion. This is in comparison to South Africa which has a total wealth of U$610 and was ranked as the country with the highest total wealth in Africa.The report says total wealth refers to the private wealth held by all the individuals living in each country. It includes all their assets such as property, cash, equities and business interests, less any liabilities. Government funds are excluded. The research found that 3 300 high-net-worth individuals (HNWI) are living in Namibia. This number has increased by 21% since 2006. High-net-worth individuals are defined as individuals with net assets of U$1 million or more. According to the report, the number of high-net-worth individuals in Namibia grew by 6% last year alone and it is predicted that within the next ten years they will grow by another 50%. Also 120 multimillionaires call Namibia home. In comparison, South Africa has 2 130 multimillionaires and 40 400 high-net-worth individuals. Windhoek has 1 400 high-net-worth individuals and 60 multimillionaires. It is forecast that high-net-worth individuals in Windhoek will increase by 50% over the next ten years. Earlier this year Forbes magazine named five multimillionaires from Namibia, who included Tony Pupkewitz, eldest child of the late Harold Pupkewitz; Quinton van Rooyen, founder of Trustco; Frans Indongo; Meryl Barry, only daughter of Harold Pukewitz; and Sven Thieme, whose grandfather founded the Ohlthaver and List Group. There are approximately 145 000 high-net-worth individuals and 7 010 multimillionaires living in Africa. Namibia has consistently topped economic performance rankings in Africa, ranking highly on the World Economic Forum as Africa's seventh most competitive country in its 2017-2018 Global Competitiveness Index. It is also rated 11th in Africa in the World Bank's latest Ease of Doing Business Report. ELLANIE SMIT

Namibians among wealthiest in Africa

Comments

Namibian Sun 2025-05-26

Please login to leave a comment

Namibians among wealthiest in Africa

Comments

Namibian Sun 2025-05-26

Please login to leave a comment

Login