Africa is now home to more than 160,000 people with personal fortunes worth in excess of $1m (£642,000), a twofold increase in the number of wealthy individuals since the turn of the century that highlights the problem of deepening inequality as some of the world’s poorest nations register strong economic growth.

The combined wealth holdings of high-net-worth individuals – those with net assets of $1m or more – in Africa totalled $660bn at the end of 2014, according to a report by New World Wealth, a South African market research firm.

Meanwhile, the number of poor people in Africa – defined as those living on less than $1.25 a day – increased from 411.3 million in 2010 to 415.8 millon in 2011,World Bank data shows.

By 2024, the number of African millionaires is expected to rise 45%, to approximately 234,000, according to the report.

During the past 14 years, the number of high-net-worth individuals in Africa has grown by 145%. The rate for the Middle East over the same period was 136%, while in Latin America it was 278%. The global average was 73%.

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