- Participants in the poll who were entrepreneurs reported earning their first million dollars through business.
- Ghana, Kenya, Mauritius, Nigeria, and South Africa all participated in the poll.
The research, which had 265 respondents, revealed that entrepreneurship was the most popular way for Africans to generate money.
According to the study, at least 148 out of the 265 participants claimed that their businesses have helped them earn their first million dollars and continue to do so.
Ghana, Kenya, Mauritius, Nigeria, and South Africa all participated in the poll.
“To draw a more complete picture of the wealth sector in Africa, a total of 265 respondents were surveyed and 75 face-to-face interviews were conducted across five key markets — Ghana, Kenya, Mauritius, Nigeria, and South Africa — with the estimated net worth of 67% of participants in the $1 million to $5 million range,” said Chris Browne, group head of Standard Bank Wealth and Investment.
An estimated 16% of respondents had a net worth between $5 million and $20 million. The researchers from our partners, Intellidex, also interviewed people with a net worth of $20 million to over $100 million at the same time.