Barclays is joining Citigroup and UBS in targeting millionaire clients in Africa by creating Barclays Africa, through a merger with Absa Group. That will give Barclays access to 1200 branches across the continent and estimated 128 million households.
The number of Africans with at least $1 million of investible assets climbed 9.9% in 2012 to 140 000 according to a report published by CapGemini and RBC. The fastest growing countries are Nigeria, Kenya and Ghana.
According to IMF the economic growth in sub-Saharan Africa will increase in 2014 to 5.9% from 5.1 this year and in Nigeria alone the forecasted growth for this year is 7.2%.
The industries contributing most to wealth creation on the continent include the resources, telecommunications and consumer industries
Local and international wealth managers are catching on to that potential as they seek to bolster earnings that are being squeezed by tougher regulatory requirements in other regions.
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