New World Wealth: After some tough years, private wealth in Africa is poised for growth ~ ~ WealthManagement
The total private wealth currently held on the African continent is $2,1-trillion and is expected to rise by 38% over the next 10 years,.
Despite a tough past decade, South Africa is still home to over twice as many HNWIs as any other African country, while Egypt now has the most billionaires. “Africa is home to some of the world’s fastest growing markets, including Rwanda, Uganda, and Mauritius. We forecast private wealth growth of over 60% in all three countries in the next decade, driven by especially strong performance in the technology and professional services sectors.”
In general, South Africa’s performance over the past decade has been poor, with total private wealth held in the country declining by 12% from $739-billion in 2011 to $651-billion in 2021.
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