Philanthropic activity in Africa is gaining momentum according to the 2017 Wealth Report, sponsored by real estate business Knight Frank.
The report, fully titled ‘The Wealth Report: The global perspective on prime property and investment,’ was written by Knight Frank Research. Now entering its second decade of publication, the 11th edition of the report includes trends in global wealth, property and luxury spending, along with a database of information collected from this year’s Attitudes Survey.
The report found that philanthropy has become a high priority of ultra-high net worth individuals (UHNWIs) globally, along with education and private aviation.
The report states that, ‘of the 20 countries whose ultra-wealthy populations have grown most rapidly over the last decade, 11 are in Africa.’ Included in those 11 countries are Mauritius, Ethiopia, Tanzania, Uganda, Kenya and Rwanda, where steep increases are expected.
The number of UHNWIs in Africa has increased by 13 percent since 2006. There were 2,010 UHNWIs in Africa in 2006, according to the report, and 2,270 by 2016. The continent is predicted to be home to 3,030 UHNWIs by 2026. In Kenya alone, the report predicts the rise of 7,500 new millionaires throughout the next decade.
The report states that the progression of these ultra-wealthy populations in Africa, as well as the growth of similar populations in Latin America, are on track to outpace the growth occurring in Europe and North America.
According to a recent article in How We Made It In Africa, the ‘art of giving’ needs to be part of a larger management strategy in order to succeed. The article suggests that the strategy should include the concepts of ‘building wealth, preserving wealth, and maintaining lifestyle and legacy wealth.’
See the full report here.
For more on African philanthropy, see this article on new initiatives working to promote knowledge of African philanthropy.
Sarah Sabatke is a student at the University of Missouri, and is currently an editorial intern with Alliance.