African millionaires to rise by 65% over the next decade - Boodle Hatfield

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Article
23 Apr 2024

African millionaires to rise by 65% over the next decade

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Aakash Mohindra View profile
2 min read

Henley & Partners in partnership with wealth intelligence firm, New World Wealth have reported in their published 2024 Africa Wealth Report that there is USD 2.5 trillion of total investible wealth currently held on the African continent. As of December 2023, there were a total of 135,200 millionaires on the continent. This figure is set to increase by 65% over the next 10 years to bring the millionaire population on the African continent to just over 223,000 people.  

It is important that with such a staggering amount of investible wealth and a growing number of wealthy high net worth individuals in the region that such wealth is protected and invested in the most appropriate and diverse way. The greater the wealth, the greater the demand is to balance business needs, investment considerations and wealth protection. Additionally, with many individuals set to achieve the millionaire status, questions of succession planning, reputation management and philanthropic strategy become ever more important. Throughout our 300 year legacy, Boodle Hatfield has advised wealthy individuals and some of the most successful businesspeople in the UK and abroad, providing practical and commercial advice to entrepreneurs seeking to grow, develop and protect their businesses in all stages of the business lifecycle and, ultimately, achieve their ambitions. We are seeing increasing demand from Africa, with demand for UK legal services from both people based on the continent and also in the UK. 

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