Luxury is a niche market in Africa. The Continent constitutes an important reservoir of growth. All the more so as it is no longer simply confined to the world of clothing and also touches on fields such as food processing, hotels, travel, concierge services, spirits, automobiles and gastronomy.

Why should you invest?

  • The increased presence of millionaires on the Continent
  • A fast-growing middle class
  • The development of urbanisation
  • A young, dynamic and connected population
  • 80% of the budget reserved for luxury goods spent abroad by Africans
  • The arrival of more and more major luxury brands to establish themselves physically in Africa
  • A boost for African luxury brands with a “made in Africa” claim.

Key figures of the African potential

  • The luxury sector in Africa generates 6 billion dollars every year, or about 3% of the world market.
  • The continuing rise in the population of High Net Worth Individuals (HNWI). There will be nearly 254,000 of them on the continent in 2024, which will encourage an average annual growth of 10% in the luxury sector between now and then.
  • 7,000 UHNWI, i.e. “ultra-millionaires” with financial assets in excess of $30 million.
  • About thirty billionaires.
  • In 2060, Africa will have 1.1 billion middle-class people, or 42% of the population (AfDB).

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