Africa Wealth Report 2021 – the wealthiest countries and cities in Africa

Cover of the Africa Wealth Report 2021.

The study by AfrAsia Bank and New World Wealth market researchers examines the continent for trends by the rich, in luxury and management of assets

The 2021 Africa Wealth Report provides a comprehensive review of the wealth sector in Africa, including HNWI (High Net Worth Individuals = millionaires and billionaires) trends, luxury trends and wealth management trends on the continent. It was recently published by Mauritius based banking group AfrAsia Bank and the New World Wealth researchers from South Africa.

Key highlights of the report:
* Total private wealth held in Africa amounts to approximately USD 2.0 trillion (as at December 2020).
* The “Big 5” wealth markets in Africa are: South Africa, Egypt, Nigeria, Morocco and Kenya – together these five countries account for over 50% of Africa’s total wealth.
* South Africa is home to over twice as many millionaires (HNWIs) as any other African country, whilst Egypt has the most billionaires on the continent.
* Mauritius’ is the wealthiest country in Africa, in terms of average wealth per person (wealth per capita). Notably, the World Bank officially classified Mauritius as a high-income country in July 2020.
* Total wealth held in Africa has fallen by 16% over the past decade (2010 to 2020) when measured in US$ terms. Africa’s performance was constrained by poor performance in the three largest African markets, namely: South Africa, Egypt and Nigeria. Angola also performed poorly.
* The coronavirus outbreak has also had a severe impact on Africa – our estimates show that private wealth and HNWI levels in Africa have dropped by around 9% over the past year (2020) alone.
* Total private wealth held in Africa is expected to rise by 30% over the next 10 years, reaching USD 2.6 trillion by 2030. This growth will be driven by strong growth in the billionaire and centi-millionaires segments, especially in fast growing economies such as Ethiopia, Mauritius, Rwanda, Kenya and Uganda.

Note: “Wealth” refers to the net assets of a person. It includes all their assets (property, cash, equities, business interests) less any liabilities.

“The Africa Wealth Report is the benchmark of luxury sector research in Africa. Knowing where affluent individuals live, understanding their spending habits and being aware of their preferences is critically important to the providers of wealth management and luxury services in Africa and globally,“ states Andrew Amoils, analyst at New World Wealth.

Africa Wealth Report 2021

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(11.05.2021, USA: 05.11.2021)