Namibia has 2,100 US$-millionaires, and its millionaire population is expected to grow by 60% or more over the next decade, up to 2032.

Rwanda, Zambia, Seychelles, the Democratic Republic of Congo, and Morocco are also expected to grow at the same rate as Namibia.

This is according to the just-published Africa Wealth Report 2023, which places South Africa as home to the majority of millionaires at 37,800 and five billionaires, followed by Egypt, Nigeria, Kenya, and Morocco.

Namibia is ranked 13th on the top 20 list of millionaires, with 2,100 high-net-worth individuals, followed by Botswana with 1,900 millionaires.

Mauritius is predicted to be the standout in the growth of millionaires, with 75% over the next decade.

Describing Namibia as Africa's new frontier, the Africa Wealth Report says that the country's millionaire population has grown by 20% between 2012 and 2022, while Rwanda, occupying the 17th spot, grew by a staggering 72%, the highest in Africa.