How the rich can help drive change by investing
Top fund managers in Africa who are leading the way on impact investing could do a better job, write Stephanie Giamporcaro and Xolisa Dhlamini
Young Africans are expressing their ambition to be wealthy and aspiring to create intergenerational wealth. From land expropriation debates on Twitter to the enthusiasm for the film Black Panther, set in a fictitious African country with great wealth, the topic of African wealth is taking centre stage. There is a growing awareness among Africans that wealth has the power to drive change and to eradicate inequality and poverty on the continent. The definition of wealth is as debatable as that of inequality; however, in monetary terms, wealthy or high net-worth individuals, (HNWIs) are people with a minimum of $1m in net investable assets. The group includes millionaires ($1m-$10m) multimillionaires ($10m-$30m) and ultra HNWIs ($30m or more ) in net investable assets. At the end of 2016, there were more than 13-million HNWIs globally, owning investable assets in the region of $70-trillion. Africans accounted for a little more than 1.1% of HNWI individuals globally and owned 1.2% of th...