The wealth of Africa’s wealthiest is expected to reach $3 trillion over the next decade.
Africa’s private wealth is expected to increase by 38 percent to $3 trillion over the next decade, thanks to growth in the technology and professional services sectors.
According to Bloomberg, Africa’s private wealth is expected to increase by 38 percent to $3 trillion over the next decade, owing to growth in the technology and professional services sectors.
According to Henley & Partner’s African Wealth Report, which was released on Tuesday, non-state wealth in Mauritius, Rwanda, and Uganda is expected to grow at the fastest rates on the continent by at least 60% during this period. Significant gains are also expected in Kenya, Morocco, Mozambique, and Zambia, according to the report.
“Compared to most other regions globally, our outlook for growth in Africa is very good,” said Andrew Amulets, head of research at Johannesburg-based New World. “We expect particularly strong growth in the 100 millionaire fortune list, or individuals with more than $100 million, in Uganda, Mozambique, and Zambia,” he said.
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 https://t.co/LZT4YHN2Vo
— Bloomberg Wealth (@wealth) April 26, 2022
Tourism, real estate, and financial services are likely to drive Uganda’s growth, according to Amulets. Tourism, BPO, and manufacturing will drive growth in Mozambique, while raw materials such as mining and financial services will drive growth in Zambia.
In the report’s foreword, Fossey Thempkwyo, CEO of My Growth Fund Venture Partners, says that diversity of wealth sources is “the really exciting thing.” “The open question will remain whether or not growth will be evenly distributed so that it begins to reduce inequality” over the next decade, he added.
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According to a Henley & Partners Africa Wealth Report released on Tuesday, Mauritius, Rwanda, and Uganda are expected to increase non-state wealth at the fastest rates on the continent during the period — by at least 60%. Kenya, Morocco, Mozambique, and Zambia are also expected to see significant gains, according to the report.
“When compared to most other regions globally, our growth forecast for Africa is very healthy,” said Andrew Amoils, head of research at Johannesburg-based New World. In Uganda, Mozambique, and Zambia, he said, “we expect especially strong growth in the centi-millionaire wealth band,” or individuals with more than $100 million.
Tourism, real estate, and financial services are likely to drive Uganda’s growth, according to Amoils in an emailed response to questions. Tourism, business process outsourcing, and manufacturing will drive growth in Mozambique, while basic materials like mining and financial services will drive growth in Zambia.
In an introduction to the report, Vusi Thembekwayo, CEO of MyGrowthFund Venture Partners, said that diversification of wealth sources is “what’s exciting.” “The unanswered question over the next decade is whether this growth will be more evenly distributed and begin to reduce inequality,” he said.
