Rising fortunes of Africa's richest fuel wealth management boom
Global mobility, succession plans and young Africans with new priorities are all driving shifts in wealth management.
Africa is home to approximately 122,500 high net worth individuals, with South Africa leading the continent at 41,100. Egypt, Morocco, Nigeria and Kenya follow with 14,800, 7,500, 7,200 and 6,800 HNWIs respectively. Together, these nations account for 63% of Africa's millionaires. Despite modest millionaire numbers compared to global standards, Africa is creating new millionaires at one of the fastest rates worldwide, with the report predicting a 65% growth in the millionaire population over the next decade.
Factors driving this growth include population growth, urbanization, financial inclusion, improved regional connectivity and the development of consumer markets. Technology-enabled sectors like fintech and e-commerce are also playing a significant role. Wealth managers and other industry players are showing increased interest in Africa's growing wealth management industry, with some countries implementing reforms to attract foreign investment.
For Africa's wealthiest, maintaining multiple passports and legal residencies is crucial for unrestricted mobility and access to global opportunities, reflecting a broader trend of geographic and jurisdictional diversification for both personal and business purposes.
Written by urgent.news from Africa Business's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
