WEALTH: Wealth Among Africa’s Rich Poised to Jump to $3 Trillion by 2031

Mauritius, Rwanda and Uganda are expected to lead the gains. By Janice Kew

Private wealth held in Africa is expected to leap 38% over the next decade to $3 trillion, fueled by growth in the technology and professional services sectors.

Mauritius, Rwanda and Uganda are forecast to increase non-state wealth at the fastest rates in the continent during the period — by at least 60% — according to a Henley & Partners Africa Wealth Report published Tuesday. Significant gains are also expected in Kenya, Morocco, Mozambique and Zambia, it said.

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« Our growth forecast for Africa is very healthy when compared to most other regions globally, » said Andrew Amoils, head of research at Johannesburg-based New World. « We expect especially strong growth in the centi-millionaire wealth band, » or individuals with over $100 million, in Uganda, Mozambique and Zambia, he said.

Uganda’s jump will likely come from tourism, real estate and financial services, Amoils said in an e-mailed response to questions. In Mozambique it will be from tourism, business-process outsourcing and manufacturing, while in Zambia growth is expected to come from basic materials such as mining and financial services.

The diversification of the sources of wealth is « what’s exciting, » Vusi Thembekwayo, the chief executive officer of MyGrowthFund Venture Partners, said in an introduction to the report.

Over the next decade, « the unanswered question is whether this growth will be more evenly spread and begin to reduce inequality, » he said.