According to the latest 2022 Africa Wealth Report, the continent’s annual benchmark for private wealth research, published on April 26 by Henley & Partners in collaboration with New World Wealth, the total private wealth on the African continent is $2.1 trillion and is expected to rise by 38% over the next decade.
The estimated percentage rise will drive the wealth of these Africans upwards to $3 trillion. While significant gains are expected in Kenya, Morocco, Mozambique, and Zambia, three countries-Mauritius, Rwanda, and Uganda- are predicted to increase non-state wealth at the fastest rates (at least 60%) in the next ten years. Bloomberg reported this is due to growth in the technology and professional services sectors in the continent.
Andrew Amoils, head of research at Johannesburg-based New World said, “We expect especially strong growth in the centi-millionaire wealth band, or individuals with over $100 million, in Uganda, Mozambique and Zambia.” He further added that this jump will likely come from tourism, real estate, and financial services in Uganda; from tourism, business process outsourcing, and manufacturing in Mozambique; and from basic materials such as mining and financial services in Zambia.
To read the full report, visit Henley & Partners official site using the link below. https://www.henleyglobal.com/publications/africa-wealth-report-2022
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