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21 Apr 2021

AfrAsia Bank Africa Wealth Report 2021: Total private wealth held in Africa expected to rise by 30%, reaching USD 2.6 trillion by 2030

AfrAsia Bank has reiterated its collaboration with New World Wealth, a leading wealth intelligence company based in South Africa, for publication of the fourth edition of the AfrAsia Bank Africa Wealth Report.

The report explores insights gathered on the overall wealth sector in Africa, including luxury trends, wealth management insights and impact of the Covid-19 pandemic on the continent.


"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.” stated Andrew Amoils, Wealth Analyst at New World Wealth.


Key Report Findings:

  • Total private wealth held in Africa amounts to approximately USD 2.0 trillion as at Dec 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 remains the wealthiest country in Africa with wealth of capita exceeding USD 30,000 per person. The island was officially classified as a high-income country by the World Bank in July 2020.
  • The COVID-19 pandemic had a severe impact on Africa resulting in a decrease of about 9% in private wealth and HNWI levels in 2020. This drop was driven by: salary cuts and job losses in the travel, hospitality, manufacturing and real estate sectors, closure of local businesses, weakening of the residential property market and rising household debt.
  • 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-millionaire’s segments in fast growing economies such as Ethiopia, Mauritius, Rwanda, Kenya and Uganda.


Commenting on the report, Marc-Alexandre Masnin, Head of Wealth Management International and Investment Sales at AfrAsia Bank highlighted “Our partnership with this South African research house enables us a deep understanding of Africa’s wealth markets and its wealth owners.  Mauritius, despite its dot size, continues to host some 4,400 millionaires and this indicates the confidence that wealth owners have in this jurisdiction.  Safety and high life standards are hailed as the key reasons why HNWIs choose Mauritius as their domicile besides its attractive tax regime namely no capital gain and no inheritance tax liability. Africa should be the home of another 30,000 millionaires by 2025, and for Mauritius to continue to remain attractive and relevant in this constantly changing environment, both the regulators and government need to ensure that the image of Mauritius remains impaired both in safety and wealth deployment terms.”


For further analysis and ranking, the report is accessible here.