frica’s stock of private wealth is forecast to jump 38 percent to nearly $3 trillion over the next decade, with Mauritius and Rwanda witnessing the strongest growth.
Smaller, economies in Africa are fast turning into wealth hubs, home to more and more of the continent’s dollar millionaires.
According to the latest Africa Wealth Report 2022 by Henley Global, the tide is swinging in the direction of smaller emerging economies thanks to their growing exchequer hygiene.
“Key drivers of this trend are the recognition by these economies that they can attract substantial capital if they have the right regulatory framework,” notes Vusi Thembekwayo, venture capitalist and MyGrowthFund Venture partner.
“This regulatory regime includes preferential terms for capital gains tax and inheritance tax and an environment that allows for ease of doing business.”
In the period under review, Africa’s total private wealth — currently worth $2.1 trillion — will swell 38 per cent by 2031, representing a $798 billion jump.