Browsing: Africa Wealth Report

Africa Wealth Report, Aliko Dangote, Vusi Thembekwayo,Africa
  • Five markets account for 56 percent of the continent’s high-net-worth individuals (HNWIs) and 90 percent of its billionaires.
  • Mauritius is expected to experience the highest wealth growth rate at 75 percent over the next decade.
  • South Africa ranks as one of the 20 largest prime residential markets in the world, well ahead of the other countries in Africa

When it comes to Africa wealth, only five countries hold more than half of Africa’s wealthiest persons. Despite all the signs pointing to Africa ascending towards the wealth ranks of the world, the scales are uneven.The recent Africa Wealth report by Henley and Partners in partnership with New World Wealth depicted interesting regional wealth records.

Africa holds an investable wealth worth around $2.4 trillion, an additional $3 billion from $2.1 trillion in 2022, where the region had 21 billionaires compared to 46 in 2023.

On the other hand, the millionaire population stand …

Anatomy of a Billionaire

The reduction in the world population of billionaires was down to war, the pandemic, and what Forbes described as sluggish markets. All the billionaires of the world are collectively worth US$ 12.7 trillion dollars!

For perspective, if the common market that AfCFTA area aims to achieve in Africa is realized, it would be worth one-third of the collective wealth of the world’s global billionaires.

The wealth of the 2,668 billionaires collectively is 4 times higher than China’s foreign exchange reserves. As spectacular as this may sound this collective number of the wealth of billionaires is US$ 400 billion lower than the collective tally for 2021.…

Three countries possess over 50% of Africa's total wealth

According to New World Wealth, Africa will have a 38% wealth increase over the next decade, with eastern African countries likely to lead the way, with “over 60% growth estimated in Rwanda and Uganda by 2031, and over 50% in Zambia and Kenya .”

It goes on to say that this will be fueled by rapid expansion in the technological and professional services industries.

According to the research, “South Africa has the largest luxury market in Africa in terms of revenue, closely by Kenya and then Morocco.” Over the next decade, the African wealth management market is expected to rise by 60%.

According to the report, Africa’s most enormous wealth was recorded in 2012 at US$2.4 trillion, while the largest number of dollar millionaires was 148,000 in 2017. However, the continent has been widely chastised for producing millionaires while leaving hundreds of millions of residents in poverty.…