According to this year’s Africa Wealth Report, published by UK investment consultancy firm Henley & Partners in partnership with South African wealth intelligence firm New World Wealth. South Africa, Egypt, and Nigeria which respectively command $651 billion, $307 billion, and $228 billion in private wealth make up $1.18 trillion, translating to 56% of Africa’s $2.1 trillion total wealth, which is different from GDP, a monetary measure of the market value of all the goods and services produced in a specific time period in a country. Morocco and Kenya close the top five list in the continent with total private wealth worth $125 billion and $91 billion, respectively. According to the firm’s South Africa managing partner Amanda Smit, over the past decade, Mauritius was “the fastest growing wealth market in Africa in percentage growth terms, with growth of 74% between 2011 and 2021.” The island nation also has the highest wealth per capita in Africa of $34,500. New World Wealth has predicted a healthy wealth growth of 38% for Africa in the next decade, and eastern African countries are projected to anchor this rise, with “over 60% growth expected in Uganda and Rwanda by 2031, and over 50% in Kenya and Zambia.” It adds that this will be driven by strong growth in the technology and professional services sectors.
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SOURCE: QUARTZ AFRICA
