The dictionary's definition of luxury is expressed as...
A state of great comfort or elegance, especially when involving great expense. - noun
When you consider this definition, many have encountered luxury on different levels but there has been a significant shift in the fabric of the worlds wealth in recent times and Africa has emerged smelling of roses.
According to a recent report generated by Deloitte, Africa’s middle class has tripled over the last 30 years, the current trajectory suggests that the African middle class will grow to 1.1 billion (42%) in 2060 and this has effected the luxury sectors of Africa.
An insert from the KPMG's Luxury Goods Report states a few facts outlining key information on wealth trends in Africa. "
The Wealth Report points toward strong growth in Africa’s high net worth (HNW) segment, with the continent’s ultra-wealthy population forecast to expand by 59% over the next decade. African countries account for four of the top 15 countries that have reported more than 5% growth in their UHNWI population in 2014. Zambia took the top honors among African countries, and second globally after Monaco, with a growth rate of 7% in its UHNWI population.
Namibia, with a growth rate of 6% in UHNWI, ranked a respectable fourth globally, and second in Africa, while Nigeria and Uganda, recording 5% growth in their UHNWI populations each, rounded out the global top 15 just ahead of Myanmar."
Luxury brands such as Rolex and Porsche are now refocusing their efforts and investing commercially across Africa with Porsche expressing that Africa is among its fourth leading territory for expected growth.
Luxury retailers have increased the number of outlets in Africa considerably in recent years. According to leading South African-based luxury marketing firm Luxury Brands; 'There are now around 16,000 millionaires in Nigeria, 50,000 in South Africa and 6,500 in Angola. Other markets are expected to expand at pace, with Côte D’Ivoire forecast to see the fastest growth of high net worth individuals. There are roughly 160,000 millionaires living across Africa, with combined wealth just short of $700bn.'
The luxury property market in the UK, USA, Dubai and Spain have also seen the increase in the African appetite, with Nigerians leading the surge in property acquisition in key areas of London with property prices starting from £1.5 million.
Martin Barney Head of Property Finance at FBN Bank UK expressed:
In the last quarter, client mortgages spiked with record numbers of Nigerians looking for mortgages to acquire property in central London postcodes.
The are a number of forward thinking property companies, house builders and property developers such as CBRE, in London expanding into this market with exclusive events targeted at high net worth Africans in the diaspora.
A recent Channel 4 documentary highlighted the phenomena with more brands positioning themselves to welcome healthy interest from this niche audience. If you would like to gain more insight please email us for further details - email@example.com
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