As the continent anticipates a 38 percent increase to reach about $3 trillion over the next 10 years, Rwanda and Mauritius are among the African economies that are expected to experience the fastest expansion of their respective stock of private wealth.
This year’s “Africa Wealth Report 2022” by Henley & Partners, a global financial advising organization, contains the outlook.
A rising number of the continent’s millionaires are moving to smaller, better-organized nations in Africa because of their improving exchequer hygiene, the survey claims.
The Big 5 countries—South Africa, Egypt, Nigeria, Morocco, and Kenya—acquire the majority of the $2.1 trillion in total private wealth on the continent.
“Some of the markets with the greatest growth rates worldwide are found in Africa, including Rwanda, Uganda, and Mauritius. In all of these nations, we anticipate a decade-long increase in private wealth of over 60%, driven mostly by the technology and professional services industries.”
Other nations anticipated to see considerable increases in personal wealth include Ethiopia (52%), Kenya (43%), Ghana (36%), Tanzania (34%), Ivory Coast (25%), Mozambique (20%), and Morocco (18 percent).
The two richest cities on the continent are located in South Africa, which continues to lead the continent in terms of wealth.
In terms of income, it also has Africa’s biggest luxury market, followed by Kenya and then Morocco.
Luxury hotels and resorts, automobiles, apparel and accessories, watches, private aircraft, and yachts are significant elements of this.