It is 8PM on a warm Friday night at Eko Hotel in Victoria Island in Nigeria and a $480,000, white Rolls-Royce screeches to a halt. A 2015 red Lamborghini Aventador, with a retail price of $548,800, follows it shortly, revving its engine before joining an array of black Mercedes G Classes, which elegantly litter the parking lot.
Victoria Island is the wealthiest district of Lagos and home to one of the biggest congregations of millionaires in the world. Theo Tiemessen, Manager at the plush Eko Signature hotel, says these millionaires are demanding customers.
“They have good taste and they are willing to pay for good meals and fresh products,” he says.
Around 80% of the guests at Eko Signature come from outside the hotel. The customers are predominantly top government and banking officials who use the hotel for their meetings. Specialist businesses have sprung up to cater for the particular needs of this affluent group.
“We had guests in the hotel once who asked for camel milk for their infant child, they would not take anything else,” says Tiemessen.
Ultra high net worth individuals (UHNWIs) are classified by having liquid assets worth more than $5 million. The number of UHNWIs in Africa will increase by a staggering 59% over the next 10 years, according to the Wealth Report 2015 and Nigeria will have one of the highest growth rates in UHNWIs over the next decade.
Aderemi Ajidahun is the CEO of Hole19 Group, which specializes in providing luxury retail products to the rich. The group’s flagship brand is Zakaa, a retailer of luxury brands such as Brioni, Angelo Galasso and Maurice Lacroix.
“Our clients are mostly extravagant spenders with a unique taste. They only want the best and the most unique timepieces which cannot be found in any other shops,” says Ajidahun.
Last year, Ajidahun sold one of those timepieces for a staggering $250,000. His showroom in Maitama, an exclusive district in Abuja, caters to the wealthiest.
“Our female clients usually only want the pieces they have seen on the runway and it is our job to make sure that they have them,” says Ajidahun.
Kunle Bello runs Platinum Concierge, a company that provides specialty services for the affluent in Mayfair, one of London’s wealthiest areas. A lot of his clients are wealthy Nigerians.
“We provide services that cater to the needs of UHNWIs. Our services range from organizing exclusive parties, catering, booking holiday packages, property and whatever the client needs,” says Bello.
The number of Nigerians buying luxury properties in Britain has risen sharply since Bello started his business three years ago.
“Two months ago, I sold a property to an oil entrepreneur for just over $6 million,” he says.
The super-rich travel in style and have private jets waiting for them at airports. Nigeria is currently the largest market in Africa for Bombardier.
“Average flight time an hour costs about $8,000 for those who do not own their own jets but still want to travel in style,” says Bello.
Those who can afford their own planes will have to part with $25 million to $65 million for a new Gulfstream. Around 1,200 private jets land at Murtala Muhammed International Airport in Lagos every month.
“It costs upwards of $4 million a year to maintain a private jet with two fulltime captains and a flight attendant on standby, in addition to related airport handling services,” says Bello.
Despite tough economic times, it seems Nigeria’s rich are able to maintain their lavish lifestyles.

The Rich Get All The Camel Milk And Jets They Need

There are 163,000 of them, and many of them have been in this magazine. They are prepared to pay $3.5 million for a place to sleep.
That’s the number of dollar millionaires in Africa, according to a report by New World Wealth; a Johannesburg research company.
According to the report, Johannesburg has 46,800 millionaires. About 600 of those have over $30 million. Egypt is next with 20,200 millionaires; Nigeria with 15,400 and Kenya 8,500.
African high net worth individual numbers have increased by 145% in the past 14 years compared to the worldwide growth rate of 73% over the same period. Angola is the top performing African country with growth of just over 480%, according to the study.
With rising numbers of millionaires in Africa, what do they do with their money?
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Property is popular.
While Johannesburg is home to most wealthy South Africans, Cape Town is not far behind. The most expensive spots for prime property in Africa are the V&amp;A Marina, Clifton and Bantry Bay in Cape Town.
According to the Western Cape Managing Director of Pam Golding Properties, Laurie Wener, South Africa’s wealthy buy Cape Town trophy properties on the famous Atlantic Seaboard or in Bishopscourt for no less than $1.4 million.
“The wealthy also invest in smaller apartments in different areas, sometimes off plan, for relatively good rental returns and medium to long-term capital growth. They buy properties off plan speculatively for short-term growth by the time they take transfer and commercial investors generally look for higher returns and often buy in partnerships or syndicates and to hold long term,” she says.
The ambitions of the rich also reach 143 meters above the Sandton skyline. Here in the clouds over the Michelangelo Towers, a penthouse is on sale for $3.5 million. That’s a record.
Rupert Finnemore of Pam Golding Properties, in Hyde Park, says that the previous highest price in Sandton City shopping centre is $3.1 million.
The striking Diamond Walk at Sandton City dazzles with a brilliant new clutch of the world’s most wanted brands such as Prada, Dolce &amp; Gabbana, Giorgio Armani, Burberry, Ermenegildo Zegna, Billionaire Italian Couture, Jimmy Choo, Tod’s and Arque Champagne Crescent.
“Sandton City’s new Diamond Walk adds yet another luxurious dimension to the ultimate shopping variety and experience on the continent,” says Alex Phakathi, Stanlib Fund Manager for the Liberty Property Portfolio.
The Diamond Walk was built on the high demand from the wealthy as the African luxury sector generated an estimated $8 billion in revenue in 2014; with $2.8 billion coming out of South Africa.
Collectables such as art, wine and classic automobiles are increasingly popular and accounted for $5.3 billion of the total assets of African high net worth individuals at the end of 2014, according to New World Wealth.
The company estimates $32 million was generated in South African sales of watches alone in 2014; up from $23 million in 2013.
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“A few years ago, wealthy South Africans had to order these watches through relevant retailers overseas or travel to places such as Bond Street in London to buy them. Now, most of these brands can be purchased over the counter from South African stores,” says wealth analyst Andrew Amoils of New World Wealth.
The rich also spend their time and money relaxing at sea. Amoils says the South African yacht industry generates about $150 million per year.
According to the study, Angola and South Africa are the top spots for yachting in sub-Saharan Africa. Morocco and Egypt are the top spots in North Africa. The yacht owners are mostly male, between the ages of 40 to 50, with average earnings of over $300,000 per year.
Mauritians are the wealthiest in Africa with $21,470 in wealth per person while people in the Democratic Republic of Congo are the poorest with $230 per person, according to Amoils.
“If you look at the asset allocation of the average South African millionaire, about 30% of their assets are in business interests, 25 % in equities, about 20% in property and then rest will be in cash, fixed income instruments, bonds and alternative investments like collectables like art,” says Amoils.
The ambitions of Africa’s elite are high.

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The Rich Get All The Camel Milk And Jets They Need

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