The total private wealth currently held by individuals on the African continent is US$2.1 trillion and is expected to rise by 38% over the next 10 years to $3 trillion, according to the latest 2022 Africa Wealth Report.
Notably, Ethiopia was the 3rd fastest-growing market in Africa over the past decade with a growth rate of 52% during this period. In 2021, Ethiopia ranked 9th place in total private wealth ($52 billion USD). However, the nation lagged on a wealth per capita basis (or average wealth per person) compared to other African countries.
The overall 38% growth forecast for Africa is very healthy when compared to most other regions
globally. It will be driven by especially strong growth in the technology and professional services sectors in Africa.
While significant gains are expected in Kenya, Morocco, Mozambique, and Zambia, three countries—Mauritius, Rwanda, and Uganda—are predicted to increase private wealth at the fastest rates (at least 60%) in the next ten years.
Infographic: 2022 Africa Wealth Report by Henley & Partners and New World Wealth