Africa - 22 April 2024

22 Apr 2024

AFRICA

• Where are the Africa’s rich. Cape Town, the Cape Winelands, Tangier and Marrakesh, Kigali, Nairobi, Windhoek and Swakopmund are cities and areas in Africa to consider relocating to if you harbour ambitions of becoming the continent’s next dollar millionaire or billionaire. That’s according to the "Africa Wealth Report" for 2024, released this week by advisory firm Henley & Partners in collaboration with its partner New World Wealth. According to the report, there are 135,200 high net worth individuals (HNWIs), with liquid investable wealth of $1m (more than R19m) or more, living in Africa, along with 342 centimillionaires (those worth $100m or more), as well as 21 dollar billionaires. However, the report found the growth of the super wealthy in Africa was beset with challenges. (Source)

• Nigeria's crude oil output goes down again in March. OPEC data based on direct communication show that Nigeria's average daily production dropped to 1.2 million barrels, from 1.3 in February. Nigeria’s government targets a daily production of 1.7 million barrels, including condensate, in 2024. However, the nation faces challenges including pipeline vandalism and theft. (Source)

• IMF on Sub-Saharan Africa. Incomes in Sub-Saharan Africa are falling further behind the rest of the world amid a "tepid" economic recovery, the International Monetary Fund (IMF) said, warning of risks from geopolitics, domestic instability and climate change. The IMF said the region's economy would grow 3.8% this year, up from 3.4% in 2023, as it begins to emerge from four years of shocks, from the Covid-19 pandemic to Russia's invasion of Ukraine and rising global interest rates. When accounting for population growth, the income gap with the rest of the world is idening," the fund said in its biannual Regional Economic Outlook report, launched during its Spring Meetings this week in Washington. It noted that other developing countries saw real income per person more than triple since 2000, while they grew 75% in Sub-Saharan Africa and 35% in developed countries. (Source)

• Floods in Tanzania. Nearly 60 people have died since the start of April in heavy rains and flooding that have hit several parts of Tanzania. The coastal region of the East African country is one of the worst affected, with floods damaging thousands of farms there. Last Friday, eight schoolchildren died after their bus plunged into a flooded gorge in the north of the country. April marks the peak of Tanzania's rainy season, and this year has seen the heaviest rainfall of recent years. (Source)