South Africa remains a major anchor in Africa’s wealth landscape, but its long-standing dominance is gradually shifting as wealth and influence spread across the continent, according to Standard Bank’s Psyche of Africa’s Wealthiest report.
The report shows that growth is increasingly being driven by West and East Africa, where a new generation of ultra-high-net-worth individuals is emerging. Unlike in some markets where wealth is largely inherited or built through corporate careers, many of Africa’s ultra-wealthy in these regions are creating wealth in real time.
Standard Bank says their success is being shaped by entrepreneurship, resilience and the ability to operate in uncertain economic environments.
“They are not discouraged by risk, they are shaped by it because they live with fluctuating currencies, changing regulations, and unpredictable markets,” said Benjamin Mensah, Standard Bank’s Head of Private Banking for Africa Regions.
Across markets such as Nigeria, Kenya and Ghana, one common trend stands out: many ultra-high-net-worth individuals are first-generation wealth creators. As a result, they tend to view their wealth as something hard-earned that must be protected, preserved and passed on carefully.
Nigeria: Reputation Remains Key to Wealth
In Nigeria, wealth is closely tied to reputation, trust and legacy. A respected family name does more than signal social status; it can directly influence business success by opening doors to partnerships, investment deals and new opportunities.
Mensah said there is a strong belief in the market that “a good name is better than riches,” reflecting the importance of credibility in Nigeria’s wealth ecosystem.
“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. In many cases, these can be just as valuable as financial capital,” he said.
This contrasts with more transactional systems in developed markets, where deals are often driven mainly by contracts, numbers and formal structures rather than long-standing relationships.
Ghana: Property Gains Shape Wealth Preservation
In Ghana, traditionally known for gold and cocoa, the way wealth is created and preserved is also changing. While sectors such as mining, cocoa, telecommunications and construction remain important, many ultra-wealthy individuals are increasingly turning to commercial property.
“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,” Mensah said.
Real estate is attractive because it offers long-term value growth and can act as a hedge against volatility in the Ghanaian cedi. There is also rising interest in farmland, often as a secondary investment, despite younger generations moving away from agriculture.
However, complex land ownership systems continue to limit the potential for large-scale farming investments.
Ghana’s stable democracy and long period of peace have helped strengthen investor confidence. Standard Bank notes that a generation that began building wealth in the 1990s is now using property not only to grow wealth, but also to protect it and transfer it to future generations.
Kenya: East Africa’s Wealth Gateway
Kenya has positioned itself as East Africa’s business hub and a key base for family-owned enterprises operating across the region. Its business-friendly environment and support for foreign investment have made it attractive to wealthy investors running operations in neighbouring markets, including Ethiopia.
Much of Kenya’s wealth is linked to established family businesses, many of which are now in their fourth generation. These families are increasingly preparing heirs through overseas education and direct involvement in business operations.
Wealthy Kenyans are also taking a practical and balanced approach to investing. Standard Bank says many favour shares in major companies such as Safaricom and leading banks for steady returns, government bonds for security, and property for long-term value, particularly high-quality office developments.
Wealthy Africans Focus on Protection and Succession
Across Nigeria, Ghana and Kenya, economic uncertainty has created a strong focus on wealth protection. Currency volatility, changing regulations and unpredictable markets have pushed many wealthy African families to hold hard foreign currency, invest across borders and establish a presence abroad.
The report also shows that more families are formalising succession plans, diversifying assets globally and building structures designed to preserve wealth across generations.
As Africa’s wealth map continues to evolve, South Africa remains influential, but the rise of new wealth creators in West and East Africa points to a broader shift in the continent’s financial power.
