Mauritians wealthiest in Africa, Zimbabweans poorest
This is according to Research and Markets' The Africa Wealth Report 2016. There are approximately 165,000 HNWIs living in Africa, with combined wealth holdings of $860 billion.
Approximately $125 billion of African HNWI wealth is tied up with wealth management companies. South Africa (mainly Johannesburg) is the hub for African private banking with $72 billion in AuM.
African HNWIs (outside South Africa) tend to keep their funds in traditional holding centers such as the UK, the Channel Islands and Switzerland. Dubai is another popular destination, especially for North African HNWIs.
It is estimated the African private banking market will grow by 7% per annum over the next 10 years. The most promising emerging African markets for private banking are Ghana and Kenya.
In Africa, around $28 billion is tied up in venture capital companies and foundations that are linked to the wealthy. Many HNWIs use these vehicles as a way to transfer money to the next generation. ■