Report: Tanzania takes lead in creating millionaires in East Africa

The East African reports that according to the African 2013 Wealth Book, Tanzania is creating dollar millionaires faster than any other East African country -- Kenya, Uganda, Rwanda or Burundi.

The country is ranked third in Africa, after Ethiopia and Angola, with its millionaires’ club growing at a rate of 51 per cent between 2007 and 2013.

While it had 3,700 millionaires in 2007, this number had risen to 5,600 by 2013. Tanzania is followed in the region by Kenya, the only other regional country that features among the top 10 in Africa. Kenya is reported to have had 8,300 millionaires in 2013 against 6,700 in 2007, a growth rate of 24 per cent.

The report, put together by New World Wealth, defines millionaires or high net worth individuals (HNWIs) as those with net assets worth $1 million or more, excluding the value of their primary residences. The survey includes only those countries that had over 800 millionaires in 2013. ...Read more - The East African