DUE DILIGENCE & FAMILY WEALTH MANAGEMENT
Many authorized reports (New World Wealth, PwC, EY, Mazars, World Bank, etc.) estimate the number of wealthy individuals or High Net worth Individuals (HNWI) in Africa at around 160,000. This number continues to grow and represents a combined fortune of about $ 660 billion US. Africa is the new private banking frontier and is expected to grow by 8% annually over the next 10 years. An estimated amount of $ 120 billion is currently entrusted to fund asset managers and 540 billion is awaiting prospective managers.
South Africa is the main hub of the private bank in Africa with specialized institutions managing some $ 50 billion in assets. Very promising new markets are emerging elsewhere and include Nigeria, Kenya, Angola, Tanzania etc … Nigeria remains the most promising one. This vast oil producing country of 172 million inhabitants currently has 16,680 HNWIs totalling a cumulated fortune of $ 138 billion. It is estimated that such number of people, each with at least $ 1 million to invest will increase by 7% to reach 18 400 in 2018.
The Goals of Africa HNWIs and Family Office desk:
- Inform stakeholders of the opportunities and specificities of African HNWI markets;
- Create a strong and sustainable interaction between management professionals and African HNWIs;
- Supporting and advising stakeholders on investment choices, participation in high-return projects and the preservation of financial capital;
- To enlighten and make asset managers familiar with the peculiarities of African frontier markets benefits (strength, weakness, opportunity, threat).