Wealth among Africa’s rich poised to jump to $3-trillion by 2031

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

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 on Tuesday. Large 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 more than $100m, in Uganda, Mozambique and Zambia, he said.

Uganda’s jump is likely to come from tourism, real estate and financial services, Amoils said in an emailed 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, CEO 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.

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