Outlook for luxury spending in sub-Saharan Africa.
The number of high net worth individuals (HNWI) -- those with assets of more than 1 million dollars -- in Africa grew by 143% between 2000 and 2014, around twice global growth. The actual number of HNWI remains small (168,215 individuals), but the set's likely continued growth and conspicuous consumption will create opportunities for firms disappointed by the region's 'middle-class' hype.
Slowing wealth creation in oil exporters could see some luxury developments suffering losses, eg, Luanda's new yacht clubs.
South African government plans to prohibit foreign ownership of agricultural land could shift investment to luxury urban beach homes.
Western anti-graft investigations against several SSA leaders could encourage them to move assets to Hong Kong and Singapore.
Market volatility could encourage regional UHNWI to invest in physical, but movable assets such as high-end art.
