Rwanda has been listed as one of the fastest growing economies in the next five years according to a centi-millionaire report.
The annual publication, by Henley & Partners in collaboration with New World Wealth, is the world’s first-ever Centi-Millionaire Report released this month.
Henley & Partners is a global leader in residence and citizenship by investment data collection since 1990 using qualified professionals in over 35 offices worldwide while is currently the only known independent wealth research firm systematically tracking global private wealth migration trends between countries and cities.
The firm was established in 2013 and has been tracking the movements and spending habits of the world’s wealthiest people for almost a decade.
Each year, hundreds of wealthy individuals and their advisors rely on its report, expertise and experience in this area to show the emergence of a New Class of Super-Rich- Centimillionaire.
A Centi-millionaire is a person whose wealth amounts to 100 million dollars (in US dollars or other currency unit).
The report shows that there are 25,490 Centi-millionaires in the world today and the US alone accounts for 38% of them.
France and Italy just miss the top 10. The two Mediterranean countries house 380 and 298 centi- millionaires respectively and in Africa, South Africa is the top ranked country with 92 centi-millionaires-in 27th position.
The report covers areas where these super rich hang out (destinations), take vacations (hotels) and what they like to do (luxurious leisure) among many other aspects of spending their acquired wealth.
For instance, the report covers Top Countries for Centi-Millionaires, the Fastest Growing Markets and Top Cities for Centi-Millionaires, their spending habits, top destinations, top hotel and pursuits among other areas.
On Rwanda, the report shows that the country is among areas where there is a high percentage growth rate for centi-millionaires over the next decade (2022 to 2032).
Rwanda scored 70% beating it’s neighbors Kenya (65%), Uganda (55%) in the East African Community (EAC).
Rwanda also emerged among the leading countries globally, because of its investment, political climate and policies on doing business, thus matching among the top best- Vietnam (95%), India (80%) and Mauritius (75%).
Vietnam led because of its an emerging manufacturing hub of Asia and strong growth expected in the local manufacturing, real estate, technology, and financial services sectors.
India had large number of entrepreneurs and competitive wages and strong growth forecast in the local technology, financial services, business process outsourcing, real estate, healthcare, and media sectors.
Mauritius was noted for it’s safety, being a, business-friendly country with low tax rates, and a hotspot for migrating centi- millionaires with strong growth expected in the local financial services sector, especially.
Though Rwanda has set it goals to become a Top Class tourist destination by attracting high end tourism activities and investing in high end hospitality facilities, the country didn’t particularly appear among the top destinations for centi-millionaires.
Among their top holiday destinations for centi-millionaires globally was African wildlife safaris, especially in Botswana,
Kenya, South Africa, Tanzania, and Uganda.
Lessons for Rwanda
Rwanda has continued to invest in gorilla conservation and protection through various activities including hosting the annual Gorilla naming ceremony -Kwita Izina, which has attracted many superstars and global leaders and is working on increasing natural wildlife reserves and animals especially the big five, with the help of South African wildlife organisations.
However, Rwanda could use the report to tap into the 10 most popular pursuits of centi-millionaires globally in 2022 which include (by rank): Golfing, art collection, Cycling and mountain biking, skiing, horse riding, fishing, classic car collection, hunting, Yachting
and sailing and watch collection -most of which Rwanda has potential to.
For instance, Rwanda has an international level golf course in Kigali but has not hosted any international or regional tour, Lake Kivu which has many islands and scenery to attract water sporting and trophy fishing though these are still done on individual or group basis.
Kigali also has a horse riding ground on Mount Kigali which needs to up it’s standards, however Rwanda could bank on mountain biking competitions which is one sport that is growing and has reached international ranking level just as the Tour du Rwanda- a UCI 2.0 ranked race.
The art industry in Rwanda is still growing and though it has received funding from the First Lady Jeannette Kagame’s Imbuto Foundation and development partners to improve the skills and turn talent into business, the sector will need to up it’s game in producing specialized Rwandan art that cannot be sourced anywhere else.