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Namibia has been identified as the future of the top wealth hub by the latest New World Wealth report of Henley and Partners.

According to the authors, the country's abundant natural resources, low population density, transport infrastructure, new oil finds, and most critically, good safety and security when compared to its neighbours,

Henley and Partners also predict Namibia will become Africa's next big millionaire hotspot.

According to the report, there are 2,150 US-dollar millionaires in Namibia, and this number is expected to rise to over 10,000 by 2040.

The New World Wealth Report singles out Namibia's safety, low tax rates, and well-developed banking system as the key drivers for the expected growth.

Income tax is at a relatively low 37%, and most notable, according to the authors, is the country's absence of estate or capital gains tax.

Namibia, the report says, is also home to rich residential suburbs to appeal to wealthy buyers, as well as a growing number of luxury estates such as Finkenstein Estate and Am Weinberg Estate.

According to the report, Namibia is expected to be one of Africa's fastest-growing markets going forward, with high-net-worth growth of over 60% forecast for the next decade to 2032.

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Da'oud Vries