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Incomes in Africa continue to round up, especially for the wealthy. According to the seventh edition of the annual Africa Wealth Report, published by Kenley & Partners in partnership with the research firm New World Wealth, private wealth is expected to grow by 38% on the continent in the coming decade. And in Morocco, Kenya and Mozambique, it should even soar by +50% !
“Africa is home to some of the fastest growing markets, such as Rwanda, Uganda and Mauritius, says Andrew Amoils, Head of Wealth Research at New World Wealth. And we expect private wealth growth of +60% in these three countries over the next decade, driven by especially strong performance in the technology and professional services sectors.” Mauritius is a particularly interesting case, with the fastest wealth growth on the continent, and another +80% in the next ten years. It also has one of the world’s fastest high-income growth rates, along with Australia, Malta, New Zealand and Switzerland. The country already has the highest per capita wealth in Africa, at $34,500. South Africa ($10,970) and Namibia ($9,300) are (quite) far behind.
Unequal distribution
Wealth is very unevenly distributed on the continent: five countries (South Africa, Egypt, Niger, Morocco and Kenya) account for half of it. The same goes for its 136,000 millionaires, 305 hundred millionaires and 21 billionaires. South Africa is home to twice as many as any other country in Africa, while Egypt has the highest number of billionaires.
Dominic Volek, Head of Private Clients at Henley & Partners, points to the existence of well-established wealth hubs on the continent, such as South Africa, Egypt and Morocco. However, “High-income individuals are extremely mobile and their movements are a valuable indication of future economic trends in each country,” he observes.
Vusi Thembekwayo, CEO of Mygrowthfund Venture Partners, notes that growth has so far been concentrated in the southern and northern extremes of the continent (South Africa, Egypt, Morocco). But these are now being challenged by other countries such as Mauritius and the Seychelles.
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Incomes in Africa continue to round up, especially for the wealthy. According to the seventh edition of the annual Africa Wealth Report, published by Kenley & Partners in partnership with the research firm New World Wealth, private wealth is expected to grow by 38% on the continent in the coming decade. And in Morocco, Kenya and Mozambique, it should even soar by +50% !
“Africa is home to some of the fastest growing markets, such as Rwanda, Uganda and Mauritius, says Andrew Amoils, Head of Wealth Research at New World Wealth. And we expect private wealth growth of +60% in these three countries over the next decade, driven by especially strong performance in the technology and professional services sectors.” Mauritius is a particularly interesting case, with the fastest wealth growth on the continent, and another +80% in the next ten years. It also has one of the world’s fastest high-income growth rates, along with Australia, Malta, New Zealand and Switzerland. The country already has the highest per capita wealth in Africa, at $34,500. South Africa ($10,970) and Namibia ($9,300) are (quite) far behind.
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Incomes in Africa continue to round up, especially for the wealthy. According to the seventh edition of the annual Africa Wealth Report, published by Kenley & Partners in partnership with the research firm New World Wealth, private wealth is expected to grow by 38% on the continent in the coming decade. And in Morocco, Kenya and Mozambique, it should even soar by +50% !
“Africa is home to some of the fastest growing markets, such as Rwanda, Uganda and Mauritius, says Andrew Amoils, Head of Wealth Research at New World Wealth. And we expect private wealth growth of +60% in these three countries over the next decade, driven by especially strong performance in the technology and professional services sectors.” Mauritius is a particularly interesting case, with the fastest wealth growth on the continent, and another +80% in the next ten years. It also has one of the world’s fastest high-income growth rates, along with Australia, Malta, New Zealand and Switzerland. The country already has the highest per capita wealth in Africa, at $34,500. South Africa ($10,970) and Namibia ($9,300) are (quite) far behind.
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