Despite its strong growth, the African wealth management market remains concentrated in a limited number of countries. South Africa alone accounts for more than half of this market.
The wealth management market in Africa is expected to grow by 60% over the next decade to reach 240 billion in 2032 against 150 billion in 2022, according to a report published on March 28 by Henley & Partners, a British firm specializing in wealth management. investment migration advice and residency and citizenship planning.
Entitled “Africa Wealth Report 2023”, the report states that South Africa, and more specifically the city of Johannesburg, is the main hub of the wealth management industry on the continent, with assets under management of just over 85 billion dollars at the end of December 2022.
Johannesburg indeed holds the upper hand of African cities with the largest number of wealthy people. The economic capital of South Africa has 14,600 millionaires, 30 centimillionaires (individuals with assets of more than $100 million and less than $1 billion) and 2 billionaires.
Next come Cairo (7,400 millionaires, 27 centimillionaires and 5 billionaires), Cape Town (7,200 millionaires, 26 centimillionaires and 1 billionaire), Lagos (5,400 millionaires, 16 centimillionaires and 3 billionaires) and Nairobi (4,700 millionaires and 11 centimillionaires).
Henley & Partners also indicates that wealth managers active in Africa generally target individuals with more than $500,000 in investable assets (wealth excluding principal residence).
The most requested services by these wealthy individuals are asset management, financial planning and estate planning.
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