South Africa remains a major force in Africa’s wealth ecosystem, but a new distribution of wealth and influence is emerging as East and West Africa produce a growing number of ultra-high-net-worth individuals (UHNWIs).
According to Standard Bank’s Psyche of Africa’s Wealthiest report, wealth creation in markets such as Nigeria, Ghana and Kenya is increasingly being driven by first-generation entrepreneurs who are building fortunes through resilience, innovation and business adaptability.
The report highlights that unlike traditional wealth markets where fortunes are often inherited or built through corporate careers, many African UHNWIs are creating wealth in real time while navigating economic uncertainty, currency fluctuations and changing regulations.
Benjamin Mensah, Standard Bank’s Head of Private Banking for Africa Regions, said risk has shaped the mindset of wealthy Africans.
“They are not discouraged by risk; they are shaped by it because they live with fluctuating currencies, changing regulations, and unpredictable markets,” said Mensah.
Nigeria: Reputation drives business success
In Nigeria, wealth creation is strongly linked to reputation, relationships and trust. The report notes that a respected family name can create opportunities, strengthen partnerships and influence access to investment networks.
Mensah said reputation has become an important form of capital as more wealth moves into private markets.
“Who you are and who you know matters even more. It’s not just about money. Reputation, relationships, and experience play a big role in getting access to the right opportunities,” he said.
The report notes that Nigeria’s wealth ecosystem differs from more transactional markets where business decisions are often driven primarily by contracts and financial metrics.
Ghana: Real estate becomes a wealth preservation tool
Ghana’s wealthy individuals are increasingly turning to commercial property as a way of preserving and growing their fortunes, alongside traditional sectors such as gold, cocoa, telecommunications and construction.
According to the report, real estate remains attractive because it provides tangible value and protection against currency volatility.
“Ghana’s wealthy are not shy when it comes to snapping up real estate. Real estate is one way the wealthy can touch their money,” said Mensah.
The report also highlights growing interest in farmland investments, although land ownership complexities continue to limit large-scale agricultural opportunities.
Ghana’s political stability and decades of peace have supported investor confidence, allowing a generation that began building wealth in the 1990s to focus on preserving assets for future generations.
Kenya: East Africa’s wealth and business gateway
Kenya has emerged as a regional business hub, attracting investors and serving as a base for family-owned enterprises operating across East Africa.
The report notes that much of Kenya’s wealth is driven by established family businesses, with some now entering their fourth generation. Wealthy families are increasingly preparing successors through education, professional experience and direct involvement in business operations.
Investment strategies among wealthy Kenyans include holdings in listed companies, government securities and high-value real estate, particularly commercial properties.
Wealth preservation becomes a priority
Across African markets, economic uncertainty and currency risks have influenced how wealthy individuals manage their assets.
The report shows that many UHNWIs are diversifying investments across borders, holding foreign currencies, establishing international footprints and creating succession plans to preserve wealth for future generations.
As East and West Africa continue to produce new wealth creators, the report concludes that entrepreneurship, adaptability and strategic wealth management are becoming defining features of Africa’s evolving wealth landscape.