Report: Total private wealth held in Africa expected to rise 30% by 2030
According to the report, the total private wealth held in Africa amounted to approximately US$2 trillion as at December 2020
The total private wealth held in Africa is expected to rise by 30% reaching US$2.6 trillion by 2030, the AfrAsia Bank Africa Wealth Report 2021 has said.
According to the report, this growth will be driven by strong growth in the billionaire and centi-millionaires segments, especially in fast growing economies such as Ethiopia, Mauritius, Rwanda, Kenya and Uganda.
The total private wealth held in Africa amounted to approximately US$2 trillion as at December 2020.
“The Big five”
The report said the “Big five” wealth markets in Africa are South Africa, Egypt, Nigeria, Morocco and Kenya – together these five countries account for over 50% of Africa’s total wealth.
Mauritius remains the wealthiest country in Africa, in terms of wealth per capita. Notably, the World Bank officially classified Mauritius as a high-income country in July 2020.
The COVID-19 pandemic had a severe impact on private wealth and high-net-worth individual (HNWI) in Africa which have dropped by around 9% in 2020, the report added.
The Africa Wealth Report provides a comprehensive review of the wealth sector in Africa, including high-net-worth individual (HNWI) trends, luxury trends and wealth management trends in 17 countries and 20 cities across the continent.
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