Addis Ababa, 27 October 2014 (WIC) <\/strong>\u2013 The television news report by the\u00a0 Michael Buerk in 1984 framed Ethiopia for a generation as a place of famine and in need of salvation.Almost 30 years later the country is hailed by pundits as an \u201cAfrican lion\u201d after a decade of stellar economic growth.<\/p>\n 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.<\/p>\n 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 authors note, however, that Ethiopia started from a very low base, and it\u2019s per capital wealth is still just $470 (\u00a3287), compared to $3,187 (\u00a31,948) in Egypt and $7,508 (\u00a34,588) in South Africa. \u201cThe millionaires are growing at a faster rate than the middle class, which doesn\u2019t really exist in a lot of African countries, including Ethiopia,\u201d Amoils said. \u201cAngola, for example, has had massive millionaire growth in the last 10 years but that hasn\u2019t spilled through to the average Angolan.\u201d A construction boom is underway in the capital, Addis Ababa, but Amare Abebaw, a social entrepreneur, said the rest of the world does still did not appreciate the country\u2019s extraordinary transformation.<\/p>\n \u201cWhen I go home and watch TV I still see the famine from the 80s and I wonder how do they still show this on the BBC when things have improved here? It is painful for us. We know it is part of our history but we want to focus on the present.\u201d Addis Ababa, 27 October 2014 (WIC) \u2013 The television news report by the\u00a0 Michael Buerk in 1984 framed Ethiopia for a generation as a place of famine and in need of salvation.Almost 30 years later the country is hailed by pundits as an \u201cAfrican lion\u201d after a decade of stellar economic growth. Now further evidence …<\/p>\n","protected":false},"author":7,"featured_media":2797,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-embassy-news"],"jetpack_featured_media_url":"https:\/\/ethiopianembassy.be\/wp-content\/uploads\/2014\/10\/lion.jpg","_links":{"self":[{"href":"https:\/\/ethiopianembassy.be\/index.php?rest_route=\/wp\/v2\/posts\/2796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ethiopianembassy.be\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethiopianembassy.be\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethiopianembassy.be\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/ethiopianembassy.be\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2796"}],"version-history":[{"count":2,"href":"https:\/\/ethiopianembassy.be\/index.php?rest_route=\/wp\/v2\/posts\/2796\/revisions"}],"predecessor-version":[{"id":2978,"href":"https:\/\/ethiopianembassy.be\/index.php?rest_route=\/wp\/v2\/posts\/2796\/revisions\/2978"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethiopianembassy.be\/index.php?rest_route=\/wp\/v2\/media\/2797"}],"wp:attachment":[{"href":"https:\/\/ethiopianembassy.be\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethiopianembassy.be\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethiopianembassy.be\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nThe 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%).<\/p>\n
\nAndrew Amoils, a senior analyst at New World Wealth, said: \u201cThe economic and wealth growth in Ethiopia over the last five or six years has been really strong. There has been a lot of privatization and certain sectors are growing well. It\u2019s a huge upswing but it started from a low base.\u201dAs in other parts of Africa, however, the growth is not necessarily shared.<\/p>\n
\nBut whereas much of Africa\u2019s boom has been driven by mineral resources, leading sectors for millionaires in Ethiopia include agriculture, manufacturing and transport.<\/p>\n
\nSouth Africa is the top African country for millionaires with 48,700 in 2013, followed by Egypt with 22,800 and Nigeria with 15,700. (africanbusinessforum.com)<\/p>\n","protected":false},"excerpt":{"rendered":"