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.
- 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.