Africa is currently facing big changes and is growing fast, a lot of its countries are developing and the number of HNWI and UHNWI is only going higher. Even though the continent faced many challenges in addition to the Covid-19 crisis, it’s still standing and moving forward.
Around 136 000 HNWI are living in Africa with an estimated Wealth of 2 trillion USD. Those number are going up, for example, it’s expected to see around 40% more HNWI in Nigeria alone over the coming decade.
This is an important opportunity for all private banks to develop their portfolios. A lot of work is to be done, but all figures are encouraging private banks to develop their presence in African countries.
The African Market is growing, especially Tech Start-Ups, which number grew 6 times faster between 2015 and 2020 than the average (46% vs 8%)
According to private bankers, the African market is requiring new technology solutions. African HNWI, UHNWI and families want to invest all around the world and are looking for remote banking.
With the African Private Banking Market value increasing, the need for more solutions is growing as well. This concerns Wealth Management, Asset Management and more.
Experts are optimists about the future of Private Banking in Africa, and whilst some private banks left the continent because of the Covid-19 crisis, other ones are taking the opportunity and are expecting a remarkable growth.