South Africans are the second wealthiest individuals in Africa with $10,300 in wealth per person.
This is according to the 3rd annual Africa Wealth Report that offers a comprehensive review of the wealth in Africa. The report which reviewed the high net worth individual (HNWI), luxury and wealth management trends in the continent, found that Mauritians are the wealthiest individuals in Africa with US$21,700 in wealth per person, whilst people in the Zimbabwe are the poorest with US$200 per person.
According to the report, “there are approximately 165,000 HNWIs living in Africa, with combined wealth holdings of US$860 billion.” And “South Africa (mainly Johannesburg) is the hub for African private banking with US$72 billion in AuM (Assets under Management).”
Also, it was revealed that “African HNWIs (outside South Africa) tend to keep their funds in traditional holding centers such as the UK, the Channel Islands and Switzerland.
And that “Dubai is another popular destination, especially for North African HNWIs.”
Check out the top 10 ranking of Africa’s wealthiest Individuals below.
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It was approximated that “US$125 billion of African HNWI wealth is tied up with wealth management companies,” and estimated that “the African private banking market will grow by 7% per annum over the next 10 years.”
Furthermore, the report indicated that “the most promising emerging African markets for private banking are Ghana and Kenya.”
About “US$28 billion is tied up in venture capital companies and foundations that are linked to the wealthy. Many HNWIs use these vehicles as a way to transfer money to the next generation,” highlighted the report.
Meanwhile, see also the ranking of Africa’s less-wealthy, poor and poorest individuals beneath.
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