Kevin Nyango
Africa serves as the hub to some of the world’s fastest-growing economies, and that is shown by the recent World Wealth Report which states that the number of high-net-worth grew by 8.1% in 2016 with overall prosperity growing by 10.7 faster than anywhere in the world. The trend is expected to maintain beyond 2018.
Many people in Africa are embracing the entrepreneurial culture. Technology is taking a definite shape in almost all sectors of the economy, and people are using that development to start a new business or to expand the once that already exist. The growing number of middle-class people also gives hope to the future investors. It’s believed that the middle-class population is the group that influences the economic growth by a greater percentage, with African middle class growing to around 300 million people; investors are rushing to make tents in the continent.
Savings and investment are so vital to the growing African population than compared to the previous groups. With many banks offering loans with minimal interests, some even offering investment advice to the customers that play critical roles in giving assurance to the people. The best way to begin creating wealth is by knowing finance world and the options available to an investor.
Standard Chartered Bank has listed real estate investment as the favored option by the majority of the local investors. An increase in the number of a tech startup and the rise of the mobile devices various technology companies are coming to Africa to meet the high demand. The Generation Y is seen as the group with highest purchasing power.
The Generation Y is so exposed to global, social, and economic change as compared to the previous generation. The generation is described as the group that is impatient and has a different view on how to take care of their assets. Despite the fact that the generation is so knowledgeable, they tend to fail when it comes to understanding simple facts hence driving them away from the important strategies on investments but with the advice from Standard Bank, achieving investment milestone with the group is attainable.
