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Swakopmund, Windhoek And Walvis Bay Tops Millionaire City List

By: Justicia Shipena
Swakopmund has emerged as one of the wealthiest cities in Namibia for the past 10 years in terms of wealth growth.
This is according to the Africa Wealth Report for 2023 which highlighted Namibia’s major cities by the number of resident millionaires and compared their relative wealth growth rates over the past 10 years.
The report states that Swakopmund has a total of 350 millionaires with 25% million growth since 2012.
Also listed on the list of wealthiest cities in Namibia is the capital Windhoek having a total number of 1 100 millionaires at 16% million growth.
Meanwhile, Walvis Bay currently has 320 millionaires with a growth of 22%.
Popular suburbs among high-net-worth individuals living in Namibia are Ludwigsdorf, Klein Windhoek, Vogelstrand, Swakopmund Langstrand, and Walvis Bay Dolphin Beach.
According to the report, Namibia is expected to be one of Africa’s fastest-growing markets going forward, with high-net-worth growth of 60% plus a forecast for the next decade.
According to New World Wealth’s in-house safety index for 2022, Namibia ranks as the second safest country in Africa after Mauritius.
“Namibia has one of the lowest population densities in the world, with only three people per square kilometre. This is a major advantage as water and river systems are usually cleaner and less polluted in countries with low population densities, there less dependence on other countries for trade and resources, as well as less competition for land within the country,” the report stated.
The report said that low-population-density countries tend to be wealthier.
It said with Namibia having a sparse population allows for more wild open spaces, allowing wildlife to thrive, which improves the quality of life for locals and boosts ecotourism opportunities.
It further said tax rates are relatively low in Namibia when compared to most other African markets, adding that the top rate of income tax in the country is a relatively modest 37%.
“Namibia operates a source-based tax system, which means that foreign residents are only taxed on the income that they generate in Namibia,” the report said.
Meanwhile, Catherine Shipushu, Senior Manager for Marketing, Branding &Communications at the Namibia Investment Promotion and Development Board (NIPDB), said visitors are offered a wide variety of activities and experiences to enjoy while they are in the beautiful land of contrasts.
“Positioning itself as a lucrative investment destination, Namibia is endowed with abundant natural resources including diamonds, uranium, copper, and gold,” she said.
Shipushu stated that with bold ambitions of becoming the sustainable energy capital of Africa, Namibia is well on its way to becoming a major player in the global oil and energy market.
She added Namibia offers a conducive business environment anchored by advanced financial systems and a sophisticated banking sector.
“The country’s strategic location and world-class port make it an ideal gateway to over 300 million people in other African markets,” she said.
She concluded that Namibia certainly offers international investors a unique and attractive investment opportunity.

Justicia Shipena

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