Algerian National Airline Surpasses Royal Air Maroc in African Airline Rankings

Algerian airline overtakes Royal Air Maroc, Africa's millionaire population to grow 65% in 10 years, Dubai airport remains world's busiest for 10th year.

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Rafia Tasleem
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Algerian National Airline Surpasses Royal Air Maroc in African Airline Rankings

Algerian National Airline Surpasses Royal Air Maroc in African Airline Rankings

The Algerian national airline has overtaken Royal Air Maroc to claim a higher position in the African airline rankings, according to the recently released 2024 Africa Wealth Report by Henley & Partners. The report provides insights into the continent's geographic terrain, including the performance of various industries and sectors.

Africa's total investable wealth currently amounts to USD 2.5 trillion, and the report projects a 65% increase in the continent's millionaire population over the next decade. However, the report also highlights challenges such as currency depreciation and underperforming stock markets, which have eroded Africa's wealth compared to global benchmarks.

The report reveals that South Africa, Egypt, Nigeria, Kenya, and Morocco collectively account for 56% of Africa's millionaires and over 90% of its billionaires. It also notes that African nations are experiencing a significant loss of high-net-worth individuals due to migration, which is further eroding the continent's wealth.

Looking ahead, the report forecasts that Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda will experience a remarkable 80%+ growth in their millionaire populations over the next ten years. Mauritius, in particular, is expected to witness an impressive 95% growth rate.

Why this matters:The rise of the Algerian national airline and the projected growth of millionaires in various African countries highlight the dynamic nature of the continent's economic terrain. These developments have implications for investment opportunities, regional competition, and the overall wealth distribution in Africa.

The report also sheds light on the lack of economic mobility for African visa applicants, who face significantly more stringent restrictions compared to applicants from other regions. This disparity in visa access hinders the movement of talent and capital across the continent.

In other aviation news, Dubai International Airport (DXB) has once again topped the list of the world's busiest airports in 2023, marking its tenth consecutive year in the leading position, as reported by the Airports Council International (ACI). Paul Griffiths, CEO of Dubai Airports, expressed a sense of accomplishment in DXB's achievement and highlighted the airport's numerous records and milestones.

Key Takeaways

  • Algerian national airline overtakes Royal Air Maroc in African rankings.
  • Africa's millionaire population projected to grow 65% in next decade.
  • South Africa, Egypt, Nigeria, Kenya, and Morocco account for 56% of Africa's millionaires.
  • Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda to see 80%+ growth in millionaires.
  • Dubai International Airport remains world's busiest for 10th consecutive year.