The latest\u00a0Africa Wealth Report\u00a0by New World Wealth reveals there are now just over 160,000 millionaires in Africa.\r\n\r\nInterestingly, from 2000 to 2013, the number of millionaires on the continent grew by more than 145 percent, compared to the worldwide growth rate of 73 percent.\r\n\r\nIn recent years, most of the \u2018new millionaires\u2019 have been young entrepreneurs and investors who have created promising businesses and invested in lucrative sectors of Africa\u2019s fast-growing economies.\r\n\r\nThis year, more new millionaires will join the club.\r\n\r\nIn this article, I\u2019ll share with you the top business opportunities on the continent that will make more millionaires in 2016.\r\n\r\nLet\u2019s meet them\u2026\r\n1) Solar Power\r\n\r\n\r\nPhoto credit: africanbusinessmagazine.com\r\n\r\nSolar energy is one of Africa\u2019s most abundant natural resources. Most parts of sub-Saharan Africa enjoy more than 300 days of free God-given sunlight every year.\r\n\r\nStill, over 600 million people on the continent, especially in rural areas, don\u2019t have access to reliable electricity. In most cities and towns, power outages are the norm and people often have to rely on noisy petrol and diesel power generators.\r\n\r\nSolar energy is free, absolutely clean and abundant. And it provides the best alternative for people in remote parts of Africa who are out of reach of electricity grids.\r\n\r\nInterestingly, some smart entrepreneurs are rising to the challenge of\u00a0lighting up Africa through solar energy, and are very likely to join the millionaires club in 2016.\r\n\r\nI\u2019ll share a few interesting examples\u2026\r\n\r\nOff Grid Electric, a solar energy provider in Tanzania recently raised $25 million from international investors and won a $5 million grant from USAID. The company is already on track to provide solar power to 1 million homes in East Africa by 2017 and has recently expanded into Rwanda.\r\n\r\nM-KOPA, which provides \u2018pay-as-you-go\u2019 solar power systems has attracted investments of up to $40 million. This Kenyan-based business has already provided solar power to nearly 300,000 homes in Kenya, Tanzania and Uganda.\r\n2) Agribusiness\r\n\r\n\r\nPhoto credit: IITA\r\n\r\nAgribusiness is Africa\u2019s untapped goldmine, and a major potential source of millionaires in 2016.\r\n\r\nAccording to a\u00a0World Bank report, Africa\u2019s agribusiness industry is expected to be worth $1 trillion by 2030.\r\n\r\nWith up to 60 percent of the world\u2019s uncultivated arable land, fertile soils, abundant labour, and all-year sunshine, sub-Saharan Africa surely has the potential to become the world\u2019s biggest exporter of food products.\r\n\r\nEven if Africa decides to ignore export markets, the continent\u2019s one billion people provides a huge and ready market for agribusiness.\r\n\r\nStill, every year, African countries import more than 70 percent of wheat consumed, over 300,000 tons of chicken and spend more than $10 billion on imported grains, especially rice.\r\n\r\nInterestingly, more African entrepreneurs are tapping into the\u00a0vast opportunities in Africa\u2019s agribusiness market.\r\n\r\nAnd with the continued harsh impacts of low crude oil prices in 2016, sleeping agribusiness giants like Nigeria and Angola are finally putting a strong focus on agribusiness as a means to diversifying their economies. This means that governments in these countries are now more open and supportive of agribusiness initiatives.\r\n3) Smartphones\r\n\r\n\r\nThe phone in the picture is one of the versions of the\u00a0Obi Worldphone; a low-priced smartphone that\u2019s specifically targeted at the African market.\r\n\r\nGuess what? It sells for just about $129, and it\u2019s selling like hot cakes.\r\n\r\nAfrica is currently the second fastest growing market for\u00a0mobile phones, after Asia. However, the first wave of Africa\u2019s mobile phone revolution is almost over.\r\n\r\nThese days, African consumers are looking to upgrade from \u2018first generation\u2019 feature phones to smartphones. It\u2019s no surprise that the continent\u2019s growing population of technology and fashion-savvy youth now presents a multi-billion dollar market for smartphones.\r\n\r\nHowever, most \u2018new-age\u2019 smartphone devices like iPhone, Blackberry and Samsung are quite expensive for the average African. This has created a huge opportunity for low-priced smartphones that are now hitting the African market.\r\n\r\nBetter still, many of these smartphones are built on the Android operating system, have similar features to the \u2018high end\u2019 smartphones and most are just as stylishly designed.\r\n\r\nIn the last eighteen months, over a dozen low-priced smartphone brands have debuted on the African market. Given the market potential for these phones, they\u2019ll very likely make more millionaires for the entrepreneurs behind them.\r\n4) Internet Access\r\n\r\n\r\nAfrica\u2019s internet market is worth billions of dollars.\r\n\r\nIt\u2019s no surprise that tech giants like Google and Facebook are scrambling to improve internet access to millions of Africans. Google\u2019s\u00a0Project Loon\u00a0and Facebook\u2019s\u00a0Free Basics\u00a0are just two of several bold initiatives to connect Africa.\r\n\r\nHowever, some smart African entrepreneurs are already making impressive moves to conquer the internet access market.\r\n\r\nOne example is\u00a0\u2018BRCK\u2019\u00a0a startup company in Kenya that has created a rugged internet modem device that\u2019s designed for harsh environments with limited internet connection and electricity. The modem can hop between Ethernet, WiFi, 3G and 4G, and comes with eight hours of battery life.\r\n\r\nThis African-inspired invention has already sold thousands of units in 54 countries, even in faraway places as India. Their biggest customers have been schools.\r\n\r\nRecently,\u00a0BRCK\u00a0raised $3 million in funding from investors to extend the reach of this amazing device. The entrepreneurs behind it will surely be smiling to the bank, after all the hardwork is done.\r\n5) Education\r\n\r\n\r\nPhoto credit: andela.com\r\n\r\nAfrica\u2019s human talent is one of its most ignored and underexplored assets.\r\n\r\nWith one of the world\u2019s youngest populations (over 50 percent of Africans are younger than 31), the continent is rich with creative and innovative talent. However, poor access to\u00a0quality education\u00a0is a serious threat to Africa\u2019s human capital.\r\n\r\nCurrently, a couple of interesting businesses and initiatives are achieving remarkable successes as they tackle Africa\u2019s education problems head-on.\r\n\r\nBridge Academies\u00a0(in Kenya and East Africa) and\u00a0Omega Schools\u00a0(in Ghana and West Africa) have built an incredible education model of low-cost primary schools that allow pupils to pay as low as $1 a day as school fees.\r\n\r\nAnother interesting business on Africa\u2019s education scene is\u00a0Andela. Through its free and highly rigorous training program, Andela develops promising African talents into top class software developers who are hired out to the likes of Microsoft and other tech giants in the USA and Europe.\r\n\r\nThis interesting business model is called \u2018talent-as-a-service\u2019.\r\n\r\nAndela recently attracted $10 million in investment and is on track to train 100,000 world class African software developers over ten years.\r\n6) African Art\r\n\r\n\r\nPhoto credit: CNN Africa Startup\r\n\r\nHow much do you think African art is worth these days?\r\n\r\nYou\u2019ll be surprised.\r\n\r\nIn November 2014, a collection of antique African art from Mali, Gabon, Congo and Liberia was sold in New York at Sotheby\u2019s for a record-breaking price of $41 million. This is the largest ever sum realized from the sale of African art in the USA.\r\n\r\nNot too long ago, a set of wooden sculptures by the Nigerian artist Ben Enwonwu sold in London for over $500,000, three times the expected price.\r\n\r\nNew World Map, the aluminium and copper sculpture of El Anatsui, the Ghanaian artist, sold for roughly $767,000, one of the highest prices ever fetched by the work of an indigenous African artist.\r\n\r\nAfter decades of neglect, both antique and contemporary works of African art are attracting high prices in the world\u2019s major art markets.\r\n\r\nIn 2016, more investors and collectors will be upping\u00a0the demand for African art, and more millionaires will be made in the process.\r\n7) Retail\r\n\r\n\r\nImage credit: techmoran.com\r\n\r\nIn April 2016, the\u00a0Mall of Africa\u00a0will open in South Africa. This massive 131,000 square metres of retail space is the largest shopping mall in Africa ever to be built in one phase.\r\n\r\nRecently, the\u00a0Two Rivers\u00a0mall opened in Nairobi, Kenya. It\u2019s the largest shopping mall of its kind anywhere in East Africa.\r\n\r\nAcross the continent, both local and international supermarket brands like\u00a0Shoprite, Game, Checkers, Woolworths, Edgars\u00a0and\u00a0Spar\u00a0are expanding as they scramble for every inch of available space in shopping and retail infrastructure developments.\r\n\r\nInterestingly, the battle for retail supremacy in Africa isn\u2019t only happening in physical retail chains.\r\n\r\neCommerce giants like\u00a0Konga\u00a0and\u00a0Jumia\u00a0have grown quite impressively in the last few years. Both internet-based retail businesses now have a combined worth of over $1 billion.\r\n\r\nIn fact, the battle ground for Africa\u2019s retail market is moving beyond the continent\u2019s shores. New eCommerce entrants like\u00a0Mall for Africa\u00a0and\u00a0Shop to my Door\u00a0now make it possible for Africans to shop directly from retailers in the USA, UK and China.\r\n\r\nAmazing!\r\n\r\nAfrica is now one of the fastest growing retail markets in the world. A large and growing middle class, increasing local spending power, and a boom in the number of expat workers are fueling the shopping trend on the continent.\r\n8) Apps and Online Services\r\n\r\n\r\nThere\u2019s a digital revolution taking over Africa. These days, many services now have an app or are going online. Africa\u2019s digital economy is growing really fast.\r\n\r\nThese days, there\u2019s almost an app or online service for anything you want.\r\n\r\nIf you\u2019re looking for a suitable hotel accommodation in Nigeria,\u00a0Hotels.ng\u00a0and\u00a0Jovago.com\u00a0are now the biggest online services in the hotel booking business. Recently, Hotels.ng attracted an investment of $1.2 million.\r\n\r\nIf you want to watch African movies on the fly, there\u2019s an app for that.\u00a0IrokoTV\u00a0is an app that gives you access to 5,000+ African movies on your mobile phone.\r\n\r\nIn January 2016,\u00a0IrokoTV\u00a0secured an additional $19 million in investment funding to expand its presence across Africa.\r\n\r\nIf you\u2019d like to order bespoke furniture pieces without having to run after artisans or worry about quality, there\u2019s an online service for that too.\u00a0Showroom.ng\u00a0is a Nigerian startup that\u2019s changing how people buy furniture in Africa\u2019s biggest economy.\r\n\r\nIn 2016, more apps and online services will launch across Africa to solve problems and provide value. And more millionaires will be made in the process.\r\n9) Payment Solutions\r\n\r\n\r\nPhoto credit: memeburn.com\r\n\r\nEvery year in Africa, over $100 billion in\u00a0transactions are still done in cash. This presents a huge and lucrative financial services opportunity for savvy entrepreneurs.\r\n\r\nSince M-Pesa was introduced in East Africa, the transformational mobile-based money transfer and payment service has proved to be phenomenal in Kenya and Tanzania, where the platform handles over 200 million person-to-person transactions every year.\r\n\r\nIn other parts of Africa, there is a huge scramble for Africa\u2019s next big money transfer and payment service.\r\n\r\nIn Nigeria alone, several promising businesses are jostling to dominate Africa\u2019s biggest economy. Some of the top contenders are\u00a0Paga, PayAttitude, SimplePay\u00a0and\u00a0PayWithCapture.\r\n\r\nLess than six months ago,\u00a0Paga\u00a0attracted a $13 million investment to expand its business within and outside Nigeria. It\u2019s a huge bet that has the potential to really pay off.\r\n\r\nPayment solutions will be a key area to watch in 2016.\r\n10) Real Estate\r\n\r\n\r\nAfrica\u2019s real estate market\u00a0is a multi-billion dollar opportunity, and several new millionaires will build their fortunes in this market.\r\n\r\nIn almost every corner of the continent, real estate projects are emerging. The biggest attractions are high-rise hotels and office buildings, residential homes and apartments, and shopping malls.\r\n\r\nIn Nigeria alone, there is a\u00a0shortfall\u00a0of 17 million housing units, with a funding requirement of $363 billion.\r\n\r\nIn Angola\u2019s capital, Luanda, prime office rents are among the highest in the world at US$150 per sq metre per month.\r\n\r\nIn Mozambique, property prices at the sea ports, particularly for warehouses, are one of Africa\u2019s most expensive.\r\n\r\nThe key markets for real estate on every investor\u2019s agenda are Angola, Nigeria, Egypt, Mozambique, South Africa and Kenya. All of these countries are experiencing a real estate boom like never before in history.\r\n\r\nAfrica\u2019s large and youthful population, an expanding middle class, increasing urbanization, influx of expatriates and multinational companies are the key drivers of demand for both commercial and residential real estate.\r\n11) Startup financing\r\n\r\n\r\nInvesting in startup and early-stage businesses is on the rise globally, accounting for 67 percent of all venture capital (VC) funds in North America and increasing 19-fold in Europe.\r\n\r\nAcross Africa, start-up companies are attracting the interest of venture capital, private equity, social impact funds and angel investors who are looking for higher returns on invested capital.\r\n\r\nIn 2015 alone, the amount of capital\u00a0invested\u00a0in African startup businesses was roughly\u00a0$0.5 billion. And in 2016, this figure is expected to double.\r\n\r\nAs Africa\u2019s young entrepreneurs continue to come up with brilliant business ideas that have the potential to significantly disrupt both new and established markets, it\u2019s almost impossible for investors to ignore the lure of attractive investment returns.\r\n\r\nAs of January 2016, there are now more than 200 investment organisations, firms and platforms that are focused on\u00a0investing in early-stage African businesses.