“Dawn. And as the sun breaks through the piercing chill of night on the plain outside Korem it lights up a biblical famine, now, in the 20th century. This place, say workers here, is the closest thing to hell on earth.”

That television news report by the BBC’s Michael Buerk in 1984 framedEthiopia 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 “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.

That figure puts the country well ahead of Angola, up by 68%, andTanzania, 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%).

The authors note, however, that Ethiopia started from a very low base, and its per capital wealth is still just $470 (£287), compared to $3,187 (£1,948) in Egypt and $7,508 (£4,588) in South Africa. see more

source: Guardian UK