Africa's Music Unlocks New Source of Wealth: Report
Africa's Music Unlocks New Source of Wealth: Report
The music industry is growing faster than any other sector on the continent since the COVID-19 pandemic, according to Johannesburg-based wealth intelligence firm New World Wealth.
The continent's rising stars set to take the global stage:
Burna Boy — Nigeria;
Jux — Tanzania;
Ciza — South Africa;
Jesse Clegg — South Africa;
Disappearing Sister Ruth — South Africa.
Other key findings from the report:
Africa's millionaire population is forecast to more than double by 2040;
SA remains the continent's biggest wealth market, with 48,200 millionaires as of June, about 38% of Africa's total;
Johannesburg remains Africa's richest city, though Cape Town is closing the gap and is on track to overtake it by 2030;
Over the next decade, the key wealth-creating industries in Africa are expected to be fintech and entertainment, including gaming, music, and film.
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