Mozambique has 1.100 millionaires and is Africa’s 16th ‘richest’ country

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Mozambique has 1.100 millionaires and is Africa’s 16th ‘richest’ country

2:40 CAT | 28 Apr 2017

According to New World Wealth, there are 1,100 millionaires and 50 people with assets over US$10 million in Mozambique. Among African countries, Mozambique comes 16th in the wealth per capita ranking at US$800, in a list led by Mauritius, with US$25,700 per capita.

According to the annual report of the South African research institute New World Wealth released this week, Angola and Mozambique are among the African countries with most per capita wealth. But the figures take no account of the disparities in wealth distribution. Figures from the World Bank last year reported that 60 percent of the population lived in extreme poverty.

The second only country in Lusophone Africa cited in this report, Angola comes sixth with US$3,600 per inhabitant and 320 multi-millionaires. Notwithstanding, 70 percent of the Angolan population lives on less than two dollars per day, according to 2016 World Bank data.

The report also details that the number of millionaires in Angola increased 82 percent and 37 percent in Mozambique in the space of 10 years. In the leading African country in this classification, Mauritius, income is US$25,700 per capita, still 10 times less than levels in Switzerland or Australia, where per capita income is more than US$200,000 dollars.

Unlike Mauritius, where the number of millionaires grew 20 percent between 2015 and 2016, largely because of the good economic environment that is inviting to the wealthier citizens of France and South Africa, Angola lost 4 percent of its millionaires and Mozambique 2 percent.

Source: O País / Rfi / Jornal de Negócios