Note: The 2019 edition of the article has become available. Click the link to learn it.
The most recent Africa riches Report by “” new world “” riches reveals nowadays there are simply over 160,000 millionaires in Africa.
Interestingly, from 2000 to 2013, the amount of millionaires in the continent expanded by significantly more than 145 %, compared to the global growth price of 73 %.
In the last few years, almost all of the ‘new millionaires’ have already been young business owners and investors that have created guaranteeing companies and dedicated to profitable sectors of Africa’s fast-growing economies.
This current year, more millionaires that are new join the club.
In this specific article, I’ll reveal to you the business that is top in Africa which will make more millionaires in 2016.
1) Solar Energy
Picture credit: africanbusinessmagazine.com
Solar technology is certainly one of Africa’s many abundant normal resources. Many elements of sub-Saharan Africa enjoy a lot more than 300 times of free sunlight that is god-given 12 months.
Nevertheless, over 600 million individuals regarding the continent, particularly in rural areas, don’t get access to reliable electricity. In many urban centers and towns, energy outages will be the norm and folks usually have to count on loud petrol and diesel energy generators.
Solar technology is free, positively abundant and clean. Plus it offers the most useful alternative for individuals in remote components of Africa that are away from reach of electricity grids.
Interestingly, some entrepreneurs that are smart increasing towards the challenge of smoking cigarettes Africa through solar power, and tend to be more than likely to become listed on the millionaires club in 2016.
I’ll share a couple of examples that are interesting…
A solar energy provider in Tanzania recently raised $25 million from international investors and won a $5 million grant from USAID off Grid Electric. The business has already been on course to give solar energy to 1 million houses in East Africa by 2017 and contains recently expanded into Rwanda.
M-KOPA, which provides ‘pay-as-you-go’ solar power systems has drawn investments all the way to $40 million. This business that is kenyan-based currently supplied solar energy to almost 300,000 houses in Kenya, Tanzania and Uganda.
2) Agribusiness
Photo credit: IITA
Agribusiness is Africa’s untapped goldmine, and an important prospective way to obtain millionaires in 2016.
Relating to A world Bank report, Africa’s agribusiness industry is anticipated become well well well worth $1 trillion by 2030.
With as much as 60 % of this world’s uncultivated arable land, fertile soils, numerous labour, and all-year sunlight, sub-Saharan Africa undoubtedly gets the potential to be the world’s biggest exporter of foods.
No matter if Africa chooses to ignore export areas, the continent’s one billion individuals provides a massive and market that is ready agribusiness.
Nevertheless, each year, African nations import significantly more than 70 per cent of wheat consumed, over 300,000 a lot of chicken and save money than ten dollars billion on brought in grains, particularly rice.
Interestingly, more African business owners are making use of the vast opportunities in Africa’s agribusiness market.
Along with the continued harsh effects of low oil that is crude in 2016, resting agribusiness giants like Nigeria and Angola are finally placing a stronger concentrate on agribusiness as a method to diversifying their economies. Which means that governments in these national nations are now actually more available and supportive of agribusiness initiatives.
3) Smart Phones
The device within the photo is among the variations for the Obi Worldphone; a low-priced smartphone that is specifically targeted during the market that is african.
You know what? It sells for almost $129, also it’s selling like hot cakes.
Africa happens to be the 2nd quickest market that is growing smart phones, after Asia. Nevertheless, the initial revolution of Africa’s mobile phone revolution is nearly over.
These days, African ?ndividuals are trying to update from ‘first generation feature that is to smart phones. It’s no real surprise that the continent’s growing population of technology and youth that is fashion-savvy presents a multi-billion dollar marketplace for smart phones.
Nevertheless, many ‘new-age’ smartphone products like iPhone, Blackberry and Samsung are very high priced when it comes to average African. It has developed an enormous window of opportunity for low-priced smartphones which are now striking the African market.
Better yet, a number of these smart phones are made in the Android os, have actually comparable features to your end that is‘high smartphones and nearly all are in the same way stylishly created.
In the last eighteen months, over a dozen low-priced smartphone brands have actually debuted in the African market. Provided the marketplace possibility these to, they’ll most likely make more millionaires for the entrepreneurs in it.
4) Web Access
Africa’s internet marketplace is well well worth vast amounts of dollars.
It’s no real surprise that technology giants like Bing and Twitter are scrambling to boost access that is internet an incredible number of Africans. Google’s venture Loon and Facebook’s complimentary Tips are simply two of several bold initiatives to link Africa.
But, some smart African business owners are usually making impressive techniques to overcome the access market that is internet.
An example is ‘BRCK’ a company that is startup Kenya that features developed a tough internet modem device that is made for harsh environments with restricted net connection and electricity. The modem can hop between Ethernet, WiFi, 4G and 3G, and is sold with eight hours of battery pack life.
This African-inspired innovation has currently offered tens of thousands of devices in 54 nations, even yet in faraway places as Asia. Their biggest clients have now been schools.
Recently, BRCK raised $3 million in money from investors to give the reach with this device that is amazing. The business owners behind it will clearly be smiling into the bank, after every one 
of the hardwork is completed.
5) Training
Picture credit: andela.com
Africa’s peoples talent is regarded as its most ignored and underexplored assets.