Africa’s wealthy seek global investment corridors

Africa’s private wealth is on the cusp of a historic expansion. According to the Africa Wealth Report 2025, published by migration specialists Henley & Partners, the continent is forecast to see a 65 per cent increase in millionaires by 2033, outpacing most global regions.

Wealth hubs in South Africa, Egypt, Nigeria, Kenya and Morocco are expected to drive much of this growth, underpinned by sustained economic expansion, rising access to education and technology, and increased flows of international capital.

But behind the headline numbers lies a more complex picture. African high net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs) are not only creating wealth at home, they are also increasingly mobile, diversifying investments across jurisdictions and financial booking centres, which seeking stability abroad.

This trend is spurring global private banks to refine their African strategies, while new data highlights a growing South African expatriate elite reshaping the wealth map of the UK and Crown Dependencies.

For some private banks, Africa’s wealth story is as much about global corridors as it is about domestic growth. Banks such as Barclays, which has been working with clients on the continent for more than a century, even claim to have “a unique perspective on Africa’s wealth growth”.

Amol Prabhu, country CEO of Barclays South Africa and head of private banking Africa highlights “the continued rise of wealth hubs, such as Kenya and Nigeria, and the influx of international capital across global corridors” as key drivers of the projected expansion.

Yet Mr Prabhu stresses that client needs are becoming more sophisticated. Families with children studying abroad or businesses operating across multiple jurisdictions require multi-layered estate, trust and intergenerational planning.

“There is a delicate balance to be struck between maintaining local roots for influence or business reasons and embracing a global approach for liquidity, safety and mobility,” Mr Prabhu says. The bank’s recent acquisition of Credit Suisse’s UHNW private client book across nine African countries is framed as a “clear signal of long-term commitment” to the market.

This time for Africa

Both structural and lifestyle aspirations are driving Africa’s wealth surge, says Vinay Gandhi, global head, south Asian community and regional head, Emea at Standard Chartered Global Private Bank. Wealth creation, he believes, is driven predominantly by “sustained economic growth”, increased access to education and technology and impact of investment migration programmes.

“The rapidly growing wealth is triggering wealthy individuals to consider options for their wealth beyond their domestic markets,” suggests Mr Gandhi. Standard Chartered, he says, is leveraging its global network in 54 markets and the wealth hubs of Hong Kong, Singapore, Dubai and Jersey, to link African clients with cross-border opportunities.

The bank is also investing in digital-first propositions tailored to African clients. In Kenya, the bank is rolling out a digital wealth platform offering global funds and estate planning tools. In Nigeria, demand is surging for dollar-denominated bonds and leveraged lending among the continent’s richest individuals.

Mobile elites

With a $1.5bn global investment plan to enhance its wealth capabilities and digital platforms, Standard Chartered is betting that scale and connectivity will resonate with Africa’s increasingly mobile elite.

The outward flow of South African wealth is adding another layer to the continent’s story.

New data from Nedbank Private Wealth underscores just how global South Africa’s wealthy have become. Analysis of UK government statistics shows that the South African-born population in Britain has climbed to 227,000, a 12.4 per cent rise over the past decade, with the Isle of Man and Jersey also seeing a marked increase in South African residents.

Foreign direct investment from South Africa into the UK reached £3.6bn ($4.9bn) at the end of 2023, up 9 per cent year-on-year. Nedbank reports a steady stream of clients seeking UK property acquisitions, residency planning and diversification strategies between 2021 and 2025.

“This is not simply about wealth migration, it’s about strategic global positioning,” says Yash Naidoo, senior wealth planner at Nedbank Private Wealth. “South African HNWIs are increasingly looking beyond local volatility to build legacies in secure, internationally networked environments.”

South Africa accounts for roughly 34 per cent of Africa’s millionaires according to the Henley & Partners Africa Wealth report.

Mr Naidoo, himself a South African expat now based in the Isle of Man, describes how clients are “not just chasing summer, but opportunity” by splitting their lives between South Africa and global wealth hubs. This, he argues, is enriching local economies not only through capital but also through networks, expertise and philanthropy.