Figures released by the London-based firm Henley and Partners reveal a significant surge in wealth among Africa’s affluent population. The firm’s annual report on African fortunes predicts a 65% increase in wealth in the coming years.
The Big Five economies in Africa—South Africa, Egypt, Nigeria, Kenya, and Morocco—encompass most of the continent’s millionaires and 90% of its billionaires. Interestingly, out of the 54 African-born billionaires, only 21 have chosen to remain on the continent. Many successful entrepreneurs are drawn to other countries in pursuit of a better quality of life, improved education systems for their children, and enhanced healthcare access.
The most profitable sectors for these individuals looking to bolster their wealth in Africa include raw materials such as coal, gold, and other minerals. Upon amassing wealth, many entrepreneurs feel compelled to reinvest in their home countries, supporting industries like fintech, media, entertainment, eco-tourism, and other development initiatives.
Countries such as Mauritius and Namibia are actively courting these high-net-worth individuals. Mauritius offers attractive tax incentives, while Namibia presents opportunities in the oil and gas sector, particularly in green hydrogen projects, offering promising investment avenues.
Mauritius and Namibia are expected to witness an 80% increase in the number of millionaires on their soil in the years to come, underscoring the growing appeal of these nations to wealthy individuals seeking fresh investment and growth prospects.
In essence, the upswing in wealth across Africa signifies the rise of new economic players and the diversification of investment sectors on the continent. These developments underscore the importance of collaboration and innovation in fostering sustainable and inclusive economic growth in Africa.
Please find the relevant articles on the same subject for further details:
– RFI article on the surge of millionaires in Africa