With five out of the ten fastest growing countries in the world coming from Africa, the regions wealthy class has also been growing as business opportunities increase. The number of millionaires in the region is expected to double by 2030, according to New World Wealth.
Nigeria, which overtook South Africa as the largest economy on the continent, is expected to account for a larger part of these new millionaires.
Global luxury brand such as Italian menswear company Ermenegildo Zegna have been tracking this trend and set up shop in the country’s richest district, Victoria Island, in Lagos. The label is considering opening stores in Mozambique and Angola, AlQarra TV reported.
The luxury watch market is another area where activity has been exciting, with high-end watch brands like Cartier distributing its luxury goods in several African countries, a trend that is only likely to increase as Africa grows more wealthy.