Rwanda and Mauritius are among African economies that are set to witness the strongest growth of their respective stock of private wealth, as the continent forecasts a 38 percent jump to reach nearly $3 trillion over the next ten years. The outlook is contained in this year’s ‘Africa Wealth Report 2022’ by Henley and Partners, an international investment advisory firm. According to the report, smaller, better-organized economies in Africa are fast turning into wealth hubs, home to more and more of the continent’s dollar millionaires, thanks to their growing exchequer hygiene. The total private wealth on the continent currently stands at $2.1 trillion, majority of which is owned by the ‘Big 5s’ including South Africa, Egypt, Nigeria, Morocco as well as Kenya. “Africa is home to some of the world’s fastest growing markets, including Rwanda, Uganda and Mauritius. We forecast private wealth growth of over 60 percent in all these countries in the next decade, driven by especially strong performance in the technology and professional services sectors.” Other states expected to record significant jumps in private wealth include Ethiopia (52 percent), Kenya (43 percent), Ghana (36 percent), Tanzania (34 percent), Ivory Coast (25 percent), Mozambique (20 percent) and Morocco (18 percent). Meanwhile South Africa still dominates the continent in wealth, thanks in part to the country’s two wealthiest cities on the continent. It is also home to the largest luxury market in Africa by revenue, followed by Kenya and then Morocco. Major components of this include luxury hotels and lodges, cars, clothing and accessories, watches, private jets and yachts. Increased appetite for real estate The report also highlighted that African investors are showing a preference for real estate-linked investment migration programs as an advantage against the unrelenting currency, market and political volatility. “We saw the highest level of growth in Zimbabwe, with a remarkable increase of 48 per cent in enquiries in 2021 compared to 2020,” Amanda Smit, the Managing Partner, Henley and Partners, is quoted as saying in the report.