In a report published on March 15, Research and Markets revealed that about $125 billion of African HNWI wealth is tied up with private banks.

“The Africa 2016 Wealth Report” as it entitled also said African HNWIs, South Africans excluded, with at least a million dollar, outside their main residing place, “tend to keep their funds in traditional holding centers such as the UK, the Channel Islands and Switzerland”.

Also, Dubai became another popular destination for African HNWIs, especially Northern Africans.

The report indicates that $28 billion belonging to African HNWIs have been invested in venture capital companies and foundations, and added that around 165,000 HNWIs with a combined wealth of $860 billion live in Africa.

Research and Markets said South Africa remains Africa’s hub private banking, with US$72 billion in AuM (Assets under Management). However, Africa’s most promising economies in this sector are Ghana and Kenya.

Africa’s private banking market, according to the report, should grow 7% each year over the next 10 years.