Trending Topics

Wealth Among Africa’s Rich Poised to Jump to $3 Trillion by 2031

By Janice Kew

Private wealth held in Africa is expected to leap 38% over the next decade to $3 trillion, fueled by growth in the technology and professional services sectors.

Aliko Dangote GCON is a Nigerian business magnate. He is the chairman and CEO of Dangote Group, an industrial conglomerate and the wealthiest person in Africa, with an estimated net worth of $14 billion as of April 2022, according to Forbes. (photo from dangote.com)

Mauritius, Rwanda and Uganda are forecast to increase non-state wealth at the fastest rates in the continent during the period — by at least 60% — according to a Henley & Partners Africa Wealth Report published Tuesday. Significant gains are also expected in Kenya, Morocco, Mozambique and Zambia, it said. 

“Our growth forecast for Africa is very healthy when compared to most other regions globally,” said Andrew Amoils, head of research at Johannesburg-based New World. “We expect especially strong growth in the centi-millionaire wealth band,” or individuals with over $100 million, in Uganda, Mozambique and Zambia, he said.

Uganda’s jump will likely come from tourism, real estate and financial services, Amoils said in an e-mailed response to questions. In Mozambique it will be from tourism, business-process outsourcing and manufacturing, while in Zambia growth is expected to come from basic materials such as mining and financial services.

The diversification of the sources of wealth is “what’s exciting,” Vusi Thembekwayo, the chief executive officer of MyGrowthFund Venture Partners, said in an introduction to the report. 

Over the next decade, “the unanswered question is whether this growth will be more evenly spread and begin to reduce inequality,” he said.

More stories like this are available on bloomberg.com

Back to top