Africa’s rich set to get wealthier from technology boost

A view of Johannesburg city in South Africa. Private wealth in Africa is estimated at US$2.1 trillion (RM9.24 trillion) and is expected to increase 38% in the next decade, according to the Africa Wealth Report 2022 published in April. — Photo by Simon Hurry on Unsplash

Increased use of technology to improve the efficiency of mature African businesses is expected to boost the number of high net worth individuals, as the second generation of family owned businesses takes over management from founders.

The first generation emerged following the oil boom and liberalisation of economies, with most investing in heavy industries, trading and commercial farming, according to Faizal Bhana, the director for the Middle East, Africa and India at state-funded Jersey Finance.