Vistajet makes moves to cater for rising African dollar millionaires

November 29, 2024 in Business, Transport by Editor

The aircraft is designed to provide up to 17 hours of non-stop global connectivity, effectively linking Africa with the rest of the world.

Vistajet, the world’s first and only global business aviation company, is stepping up moves to cash in on Africa’s rising numbers of high net worth individuals (HNWIs) by organizing roadshows in Cape Town Johannesburg, Lagos and Nairobi. Mostly targeting business people, the main feature of these events is the showcasing of the company’s new Bombardier Global 7500 aircraft.

According to the Henley & Partners 2024 Africa Wealth Report, there are currently 135,200 HNWIs in Africa with liquid investable wealth of at least $1 million. The report also projects that the number of millionaires in Africa will increase by 65 pc over the next decade. VistaJet private jet charter prices range from around $12,000 to $25,000 per hour, depending on the aircraft and membership type.

Africa’s business aviation sector is projected to grow eight percent annually, with South Africa leading the continent in private aircraft numbers, followed by Kenya and Nigeria. VistaJet management says with its dedicated fleet, available within 24 hours, it plans to meets this growing demand by providing exclusive access to over 2,700 airports globally.

Phillippe Scalabrini, VistaJet’s President of Europe and Africa said: “Building on VistaJet’s substantial growth in the region, the East and South Africa Roadshow is a vital part of our strategy to serve as a logistics and aviation partner that supports the success of the African Continental Free Trade Agreement. VistaJet is dedicated to playing a crucial role in connecting global funding to these regions’ economic and entrepreneurial opportunities, as Africa offers significant growth potential for international ventures. We showcased our Global 7500 aircraft to link these regions with the rest of the world and facilitate unlocking this growth potential, to support the region’s economic development further.”

This aircraft is designed to provide up to 17 hours of non-stop global connectivity, effectively linking Africa with the rest of the world. VistaJet is dedicated to meet the growing demand for reliable and efficient business aviation in Africa.

After a successful inaugural roadshow in West Africa during the second quarter of 2024, VistaJet continued to expand the company’s offering focused on Africa. VistaJet has significantly enhanced its offerings in Africa, achieving a remarkable 103 pc increase in New Program Hours Sold and a 29% rise in total hours flown across the continent in the first half of 2024.

In their report published earlier this year, Henley & Partners said despite a tough past decade which saw a 20 pc decline in its millionaire population, South Africa remains home to over twice as many HNWIs as any other African country, with 37,400 millionaires, 102 centi-millionaires, and five billionaires, followed by Egypt with 15,600 millionaires, 52 centi-millionaires, and seven billionaires.

Nigeria sits in third place with 8,200 HNWIs, followed by Kenya (7,200 millionaires), Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ethiopia (2,700), Ghana (2,700), and Namibia (2,300).

Going forward, over the next decade (to 2033), the likes of Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are all expected to experience 80 pc + millionaire growth. Mauritius, with its stable governance and favourable tax regime, is projected to experience a remarkable 95 pc growth rate, positioning it as one of the world’s fastest-growing wealth markets. Namibia, too, is poised for impressive high-net-worth growth, which is forecast to exceed 85 pc by 2033.