Ethiopia is creating millionaires at a faster rate than any other country in Africa
Tigrai Onlne December 05, 2013
Ethiopia is hailed by pundits as an "African lion" after a decade of stellar economic growth.
Now further evidence of its turnaround has arrived with research showing that Ethiopia is creating millionaires at a faster rate than any other country on the continent.
The number of dollar millionaires in the east African nation rose from 1,300 in 2007 to 2,700 by September this year, according to New World Wealth, a consultancy based in the UK and South Africa.
The number of dollar millionaires in the east African nation rose from 1,300 in 2007 to 2,700 by September this year, according to New World Wealth, a consultancy based in the UK and South Africa.
That figure puts the country well ahead of Angola, up by 68%, and Tanzania, which had a 51% increase. Zambia and Ghana completed the top five.
The study finds that the rise in millionaires has been closely tied to GDP growth, in which Ethiopia has also fared best over the past six years achieving 93%, followed by Egypt (81%) and Angola (61%).
Source: The Guardian - read more
Ethiopia is planning to become the hub of renewable clean energy in Africa by harnessing the power of mother nature like wind and geothermal energy.
Ethiopia is one of the fastest growing countries in the world. Investors are flowing from every corner of the world. New buildings are mushrooming in the capital Addis Ababa every day.
Ethiopian economic growth
Ethiopians who left their country when the dictator Mengistu Hailemariam was in power are coming back from the Diaspora and establishing new businesses.
Ethiopia is undertaking a massive five year growth and transformation program to lift itself from poverty. Ethiopians are hoping in a few years Ethiopia will be a middle income country. Every economic indicator is pointing Ethiopia will be one of the economic powerhouses in Africa.
The Ethiopian economy has been growing at rate of 7 to 11 percent every year for the past ten years.
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