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The ranks of the world’s richest people is expected to grow at a faster rate in Africa than any other region of the world, according to the 2014 Knight Frank Wealth Report.

The report has been measuring wealth distribution since 2007. It presents a global perspective on the performance of luxury residential property, commercial property investments, wealth distribution patterns and the spending trends of the world’s wealthiest people.

Africa’s ultra high-net-worth individuals or UHNWIs (those with US $30-million of assets excluding their main residence) will likely increase by 53 percent by 2023, according to the report.

The report counted the world’s wealthiest in seven regions. Although Africa had the fewest ultra high-net-worth individuals of all the reported regions in 2013, it is expected to grow the fastest by 2013.

Here’s a breakdown of the seven regions showing the number of UHNWIs in 2013 and the 10-year forecast growth rate for UHNWIs in 2023:

Africa: 1,868 UHNWIs in 2013; 53% forecast growth by 2023
Asia: 41,114 UHNWIs in 2013; 43% forecast growth by 2023
Australasia: 3,828 UHNWIs in 2013; 18% forecast growth by 2023
Europe: 60,504 UHNWIs in 2013; 21% forecast growth by 2023
Latin America: 9,677 UHNWIs in 2013; 42% forecast growth by 2023
Middle East: 7,052 UHNWIs in 2013; 35% forecast growth by 2023
North America: 43,626 UHNWIs in 2013; 20% forecast growth by 2023