Educating The Next Generation: Africa prepares for the great wealth transfer.
Africa has long trailed most other regions in private-wealth generation. With only 348 centi-millionaires and about 122,500 millionaires, the continent’s wealth base remains small compared with regions where millionaire populations number in the millions, according to the Africa Wealth Report 2025 by Henley & Partners.
Industries like e-commerce, healthcare, media, entertainment, green tech, rare metals mining, and eco-tourism are creating a new breed of high-net-worth individuals. However, much of that money, an estimated $3 trillion by The University of Massachusetts Amherst’s Political Economy Research Institute, is not staying in Africa.
Although Africa generates wealth, the challenge is to ensure it remains on the continent. For this to happen, Africa must build ecosystems that guarantee attractive returns, strengthen local wealth management, financial services, and lifestyle infrastructures that resonate with the affluent.
This requires deliberate policies to deepen capital markets, incentivize value addition, and channel investment into infrastructure, manufacturing, and the knowledge economy, according to Jean Paul Fabri, Henley & Partners chief economist. “True transformation will occur only when the continent builds productive wealth ecosystems—economies where capital is both accumulated and reinvested into industries that expand opportunity,” says Fabri.
Best Private Bank In Africa: Standard Bank
Standard Bank is developing strategies to keep private wealth on the continent by preparing the next generation for wealth transfer, a critical value proposition. Of the $124 trillion expected to be transferred globally over the next two decades to the heirs of the Baby Boomers, a substantial amount will be in Africa, according to Cerulli Associates.
Standard Bank believes that honing the skills of the next generation to manage, grow and preserve wealth is fundamental for Africa’s future development. This is more important, given that sustainable and impact investing will be central to choosing investable assets for the new breed of wealth holders. This strategy is at the heart of the bank’s own continuous expansion. With $6 billion in assets under management, the bank added 27,450 new private banking clients in Africa last year, bringing the total to 4.2 million across 20 markets. By offering holistic solutions, competitive pricing, and digital transformation, Standard Bank sits at the pinnacle of wealth management in Africa.
Best Private Bank For Sustainable Investing: Nedbank Private Wealth
Businesses today operate amid climate change, biodiversity loss, and rising inequality. Nedbank Private Wealth has made the just transition one of its core commitments. During the first half
of 2025, Nedbank Private Wealth’s assets grew to $84.3 billion, with headline earnings rising by 6% to $480.6 million. Its focus on sustainability has been a key growth driver, with its lending for sustainable development increasing to $11 billion. This included strong growth in renewable energy to $2.7 billion.
With a total of 7.9 million clients across six markets, Nedbank Private Wealthhas innovated and embedded environmental, social, and governance principles into its operations and products, driving growth across sectors.
By offering green loans, sustainability-linked bonds, social loans, and advisory services, the bank is accelerating the transition to a thriving, sustainable future. On corporate green bonds, for instance, Nedbank Private Wealth is South Africa’s largest issuer, with deals totaling $511.7 million in 2024.
Best Private Bank Digital Solutions For Clients: AfrAsia
For nearly two decades, AfrAsia has built a reputation as a leader in private banking, wealth management, investment solutions and corporate and institutional banking.
Following Access Bank UK’s acquisition of a majority stake in July, the bank aims to expand strategically into high-growth markets and strengthen investment and trade flows between Africa, Asia, and international markets. Its goal is to build a future-ready bank that is agile, resilient, and well-positioned to seize emerging opportunities.
For the bank, which posted an 8% increase in assets to $6.2 billion and 10% rise in net profits to $137.3 million for the financial year ended June, innovations, technological investments and digital transformation will be at the heart of future growth.
Through InvestPro, for instance, AfrAsia can connect clients to global financial markets, offer a multi-factor dashboard and portfolio view, and provide centralized storage for custody and trade advice. The platform, which is fast, user-friendly and secure, has become instrumental in facilitating capital flows into and out of Africa.
