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Africa Wealth Report 2021

The AfrAsia Bank Africa Wealth Report 2021

In collaboration with New World Wealth, we bring you the 2021 Africa Wealth Report which provides a comprehensive review of the wealth sector in Africa, including luxury and wealth management trends along with the impact of the coronavirus on the continent.


Key findings:


  • 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.


  • Mauritius remains the wealthiest country in Africa, in terms of wealth per capita. Notably, the World Bank officially classified Mauritius as a high-income country in July 2020.


  • The COVID-19 pandemic had a severe impact on private wealth and HNWI levels in Africa which have dropped by around 9% in 2020.


  • Total private wealth held in Africa is expected to rise by 30% 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.


For further analysis and rankings, please find the full report here.


The AfrAsia Bank Africa Wealth Report 2021