Henley Global Citizens, the global leader in residence and citizenship by investment, places Lusaka (Zambia) third among the 25 fastest growing cities in the world in terms of millionaire growth in the six months to 30 June 2022 (year-to-date).
Zambia’s President, Hakainde Hichilema, has guided the economy in the direction of stability ever since he took office in August of last year. With a gain of over 18.5% from January 22 to September 1, the Zambian kwacha is the world’s best-performing currency when compared to the US dollar.
While Hichilema’s administration has been able to cut the inflation rate from 24.4% in August 2021 to 9.7% in June of this year, its continental rivals, South Africa, Zimbabwe, Nigeria, Ghana and Kenya, have been unable to contain growing inflation and rapidly depreciating currencies.
Riyadh (Saudi Arabia) ranks as the city with the fastest-growing millionaire population during the period under review. It was followed by Sharjah (UAE). Luanda (Angola) came in fifth, after Dubai (UAE). Dubai has managed to entice most Zimbabweans who wish to escape the country’s economic turmoil, which has resulted in cash shortages as well as a depressing loss of value on salaries, savings, pensions and general welfare.
Lagos (Nigeria) made it to the list at number seven, while Abuja (Nigeria) claimed the eleventh spot after Hangzhou (China), which was at number 10.
“Cities with strong oil and gas industries performed especially well, including Riyadh, Sharjah, Luanda, Abu Dhabi, Doha, and Lagos,” according to the latest report.
“US cities in Texas and Florida also performed well, with American companies increasingly moving their head offices to these states. Austin was the standout, while Houston, West Palm Beach, and Miami also grew significantly.”
Six cities in Africa appeared on the list.
Andrew Amoils, Head of Research at wealth intelligence firm New World Wealth, said the first half of 2022 was a negative period for global wealth formation.
“Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022,” he said.
“This drop was mainly due to the poor performance of major stock market indices—the S&P 500 Index declined by 20% while most other major indices were also down by similar percentages.” –Harare