A report released by Standard Bank has shown that in Africa, wealth is not inherited but rather made. Group Head, Standard Bank Wealth and Investment, Chris Browne, said, “to draw a more complete picture of the wealth sector in Africa, a total of 265 respondents were surveyed and 75 face-to-face interviews conducted across five key markets — Ghana, Kenya, Mauritius, Nigeria, and South Africa — with the estimated net worth of 67% of participants in the $1 million to $5 million range.” The report showed that 38% of high-net-worth individuals in the survey were between the ages of 36 to 50 years. Most entrepreneurs who took part in the survey had businesses in real estate, construction, trade, financial services, manufacturing, oil and gas, technology, and the retail sector. Respondents from Kenya (38%), followed by Mauritius (29%), Ghana (26%), and Nigeria (23%), mentioned tangible assets as the most preferred asset class for wealth preservation. In South Africa, the rich (51%) preferred to preserve their wealth in stocks or equities. However, tangible assets such as property were comparatively less important (18%).
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