Business Wire

2022 Africa Wealth Report Reveals ‘Big 5’ Hold over 50% of the Continent’s Private Wealth

Share

The total private wealth currently held on the African continent is USD 2.1 trillion and is expected to rise by 38% over the next 10 years, according to the latest 2022 Africa Wealth Report, published today by Henley & Partners in partnership with New World Wealth.

The report reveals that Africa’s ‘Big 5’ private wealth markets — South Africa, Egypt, Nigeria, Morocco, and Kenya — together account for over 50% of the continent’s total wealth. There are currently 136,000 high-net-worth individuals (HNWIs) with private wealth of USD 1 million or more living in Africa, along with 305 centi-millionaires with USD 100 million or more, and 21 US dollar billionaires. South Africa is home to over twice as many HNWIs as any other African country, while Egypt now has the most billionaires. Mauritius has the highest wealth per capita in Africa, at USD 34,500, followed by South Africa at USD 10,970 and Namibia at USD 9,320.

The Africa Wealth Report is the continent’s annual benchmark for private wealth research and is now in its 7th year, providing a comprehensive review of the wealth sector in Africa, including trends among HNWIs, the luxury market, and wealth management. Andrew Amoils, Head of Research at New World Wealth, says “Africa is home to some of the world’s fastest growing markets, including Rwanda, Uganda, and Mauritius. We forecast private wealth growth of over 60% in all three countries in the next decade, driven by especially strong performance in the technology and professional services sectors.”

Dominic Volek, Head of Private Clients at Henley & Partners, adds that there are already well-established wealth hubs on the continent, including South Africa, Egypt, and Morocco. “Strong growth in private wealth of over 50% is also predicted in Kenya, Morocco, Mozambique, and Zambia over the next 10 years. HNWIs in Africa are extremely mobile and their movements provide valuable insights into future economic trends in each country.”

Mauritius is the fastest growing wealth market in Africa, with projected growth of 80% over the next decade. This will also make it one of the fastest growing high-income markets in the world, together with Australia, Malta, New Zealand, and Switzerland. Africa’s two wealthiest cities are in South Africa — Johannesburg is the wealthiest, with total private wealth of USD 239 billion, while Cape Town in second place has USD 131 billion. Cairo follows closely behind with USD 128 billion, and Lagos is in 4th position with USD 97 billion in privately held wealth.

Commenting in the report, international entrepreneur, author, and CEO of MyGrowthFund Venture Partners Vusi Thembekwayo, says the ascent of new wealth economies, along with megacities and the diversification of wealth-creating sources are just some of the exciting trends driving the creation and flow of capital across the continent. “Africa’s story is one of polar domination, with the largest wealth management centers traditionally situated in the most extreme south — South Africa — and the most extreme north — Egypt and Morocco. The rise of frontier economies that are attracting new wealth by positioning themselves as preferred investment destinations is challenging this narrative. Mauritius and the Seychelles have recently been the most deliberate with this strategy.”

Despite a tough decade, South Africa still ranks 28th in the world when it comes to total private wealth, ahead of major economies such as Argentina, Malaysia, Thailand, and Turkey. It’s also the largest luxury market in Africa by revenue, making USD 2 billion annually.

Read Full Release and Download Full Report

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media
Sarah Nicklin
Group Head of PR
sarah.nicklin@henleyglobal.com
Mobile: +27 72 464 8965

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Exscientia Business Update for First Quarter 202225.5.2022 22:01:00 CEST | Press release

Exscientia plc (Nasdaq: EXAI) This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220525005906/en/ Recent advancements in the Company’s pipeline, collaborations, and operations, as well as financial results for the first quarter 2022, are summarised below. In addition, Exscientia will host a conference call Thursday, May 26 at 1:30 p.m. BST / 8:30 a.m. ET to provide an overview of the Company's precision medicine platform. "We started 2022 by commencing a groundbreaking collaboration with Sanofi to develop a pipeline of AI-designed medicines utilising the breadth of our end-to-end platform of AI-driven capabilities from target prioritisation, to drug engineering and patient selection. At this year's American Association of Cancer Research (AACR) Annual Meeting, we highlighted our advancements in this area, including how AI-enabled drug design can help create drug candidates for challenging targets in oncology. In addition, we sho

ArborXR Announces Strategic Collaboration with Qualcomm Technologies, Helping Companies Scale VR and AR Deployments25.5.2022 19:37:00 CEST | Press release

ArborXR announced today the company will work with Qualcomm Technologies, Inc. on an extended reality (XR) mobile device management (MDM) platform to make it easier for companies to scale virtual reality (VR) and augmented (AR) headset deployments. By working closely with original equipment manufacturer (OEM) partners and direct enterprise clients, ArborXR and Qualcomm Technologies have identified key problems that still exist in scaling a fleet of XR headsets. Companies today looking to deploy a fleet of VR or AR devices face many challenges enrolling and provisioning headsets, managing them remotely, installing apps and updates, and controlling the user experience. To solve these problems, ArborXR will provide device management software to Qualcomm Technologies’ XR customers and OEMs with large-scale deployments for use with Qualcomm Technologies’ cutting edge VR/AR hardware available. OEMs will be able to pre-install ArborXR, and ArborXR’s software will support new VR and AR referen

L&T Technology Services inaugurates Engineering R&D Centre in Poland to provide Embedded and Digital Solutions to Clients25.5.2022 19:05:00 CEST | Press release

L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a global leading pure-play engineering services company, today inaugurated its Engineering, Research and Development (ER&D) centre in Krakow, Poland, which will cater to global customers, leveraging cutting edge technologies in the Automotive, Mobility and Hi-Tech domains. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220525005835/en/ Seen in the picture (from right to left): Jagyan Mishra, Delivery Head (Europe) at LTTS, Abhishek Sinha, Chief Operating Officer and Member of the Board at LTTS, Mr. Jerzy Muzyk, Deputy Mayor of the City of Krakow, Her Excellency Nagma Mohamed Mallick, Ambassador of India to the Republic of Poland, Mr. Lukasz Słoniowski, President of the Board at Investor Support Krakow and Rajkumar Ravindranathan, Chief Business Officer at LTTS, during the inauguration of the ER&D centre. (Photo: Business Wire) The state-of-the-art centre will mark its

E-LAND Innople Chooses Rimini Street Support Services for SAP S/4 HANA25.5.2022 18:00:00 CEST | Press release

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products, and a Salesforce partner, today announced that E-LAND Innople, an IT affiliate of the South Korean conglomerate E-Land Group, has chosen Rimini Street Support for SAP. The move has drastically cut E-LAND Innople’s annual maintenance costs and freed up budget to fuel new IT technology, digital transformation, and online expansion. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220525005081/en/ E-LAND Innople Chooses Rimini Street Support Services for SAP S/4 HANA (Graphic: Business Wire) Rimini Street Support Increases Business Agility E-LAND Innople provides IT solutions across various industries including fashion, distribution, hotels, restaurants, and construction. The company is responsible for the IT operations of E-Land Group, including ERP man

Agendia Achieves Historic Milestone of Enrolling 10,000 Patients in FLEX, the Largest-Ever Prospective, Real-World-Evidence Trial for Patients With Early Stage Breast Cancer25.5.2022 17:39:00 CEST | Press release

Agendia, Inc., a commercial-stage company focused on improving outcomes for breast cancer patients worldwide by providing physicians and patients with next-generation diagnostic and information solutions to inform optimized treatment decision-making, today announced 10,000 patients have been successfully enrolled in the FLEX Registry. Agendia’s unique FLEX Registry is a real-world, large-scale, prospective, observational breast cancer study (NCT03053193) intended to enable the discovery of novel genomic profiles to improve precision in the management of breast cancer. The FLEX Registry’s groundbreaking approach to cancer research is accelerating impactful data generation with its patient-centric design and national network of participating sites, allowing its investigator-initiated sub-studies to produce critical results that drive science forward. Six posters based on data from FLEX will be presented at ASCO 2022, one of which will be a poster discussion session. “When we developed th