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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.

 

Key findings:

 

• 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.

 

For further analysis and rankings, please find the full report here.