The number of ultra-high net worth individuals, those with at least $30m in assets, in Africa will increase by 59% over the next 10 years, according to The Wealth Report 2015, compiled by Knight Frank with support from Standard Bank Wealth and Investment.

The projected global growth is 34% and the average increase expected across the G8 developed nations is 28%.

Margaret Nienaber, Global CEO of Standard Bank Wealth and Investment, said: “The market is evolving and we are foreseeing positive future growth in key African countries like Nigeria, which has one of the strongest forecast growth rates in high-net-worth individuals over the coming decade.”

The research findings put the growth of Nigeria’s ultra-high-net-worth individuals by 2024 at 90%, but the top spot for Africa is reserved for the Ivory Coast at 119%.

South Africa’s Johannesburg stands out as the most important African city after ranking as the 28th most important city for ultra-high-net-worth individuals and Cape Town, being the 36th.

“Africa is one of the regions of the world with huge potential to grow its wealth, driven by a rising middle class and the increased success of many businesses. Importantly, reforms in many countries are being expedited, infrastructure is happening at a startling pace and foreign investors are noticing,” said Nienaber.

“The countries mentioned in this report have certainly built credibility among foreign investors and it is little surprise economic activity in the region is growing at a faster pace than anywhere else in the world,” she added.

According to The Wealth Report, the total number of ultra-high-net-worth individuals rose by almost 5,200, or 3%, in 2014.

While investments in art, wine and classic cars continue to attract interest, property remains the cornerstone of many investment strategies, accounting for almost a third of all ultra-high-net-worth individuals’ portfolios.

“UHNWIs are adopting increasingly sophisticated investment strategies, and sometimes this approach involves the kind of active management previously restricted to institutions and funds”, said Andrew Shirley, Editor of The Wealth Report.

Despite concerns about the global economy, 80% of the almost 500 private bankers that participated in the annual Attitudes Survey, expect their clients’ wealth to grow further in 2015.

Family succession issues were the number one worry.

The survey showed that 85% of respondents said their clients were concerned about the handover of family wealth to the next generation.

“The wealth space in Africa is going to be extremely exciting over the next decade. It is a reflection of the ongoing interest in the continent as a destination for investors and businesses and the pace of wealth generation will increase exponentially as this trend continues,” said Nienaber.