As private wealth grows across Africa, how this capital is managed will determine its impact on families, communities and economies for generations.
By Amol Prabhu, Country CEO, Africa, Barclays Private Bank and Wealth Management
Wealth is more than a number on a balance sheet, or the value of a portfolio. It goes beyond inheritance, privilege or status. It carries memory, meaning and responsibility. It tells the story of how a fortune was built and what it could achieve in the years to come. For those who have already built significant wealth, the real test isn’t accumulation, it’s how effective that wealth is structured, protected and directed so that its impact outlives those who created it and can be passed on to future generations.
The rise of private wealth is becoming an undeniable part of the African story. There are now around 122,500 millionaires, a figure expected to rise by 65% over the next decade, says the Henley & Partners Africa Wealth Report 2025. That’s a far cry from the late 20th century, when the continent had only a handful of billionaires and many economies were stagnating. Today, more than a third of this wealth sits in South Africa. Sub-Saharan Africa’s economy is expected to expand by 3.7% in 2025, outpacing Europe (0.7%) and the US (1.4%).
When private wealth grows this quickly, what happens to it matters because how it’s managed, invested and protected has a bearing on economic direction. Banks sit at the heart of this. They’re not just keeping wealth safe, they’re providing the systems that keep money moving and stable over time.
The International Day of Banks, observed recently on 4 December, is a reminder of how financial institutions underpin trust and development. In Africa, where family businesses power much of the real economy, their role in managing private wealth is of long-term importance.
From transactions to continuity
Most family fortunes don’t disappear because of markets — they are more likely to decline through poor planning, succession or intergenerational disputes. Protecting wealth requires more than a will. It takes clear governance structures that survive leadership transitions, legal and fiduciary arrangements that work across jurisdictions, and decision making processes that prevent value from eroding over time.
Across Africa, more families are formalising these structures, through family constitutions, trusts and foundations, to keep wealth organised and aligned with shared goals. This gives founders the means to protect what they’ve built and their successors the footing to grow it further.
In a recent survey of 317 global family offices, just over half (53%) reported having a formal estate-or wealth-transfer plan in place compared to the previous year, suggesting that even among many wealthy families, governance remains a work in progress.
Philanthropy as a measure of legacy
Enduring wealth is usually tied to purpose. For many families, philanthropy has become a deliberate part of how they plan their legacy.
Philanthropy is also becoming a core part of how families plan for succession. Younger inheritors want transparency, tangible results and a link to the values they’ve grown up with, while older generations see structured giving as a way to keep those values at the heart of the legacy as wealth changes hands.
When it’s well run, philanthropy can hold a family’s identity together while extending its influence far beyond the immediate circle.
Investment, influence and the next chapter
For many families, business is both the bedrock of their wealth and the engine that drives it. Across Africa, family enterprises are central to job creation, infrastructure investment and innovation, which is often woven into the fabric of their communities.
As these family businesses expand, private banks play a critical role, by facilitating cross-border transactions, connecting families to global markets, and providing the expertise needed to turn capital into long-term influence.
At the same time, investment strategies are changing as more families are looking for returns that also deliver social and environmental impact, directing capital to areas like renewable energy, sustainable farming and digital infrastructure. Currently, Africa also holds as much as $4 trillion in local capital, from pension funds, sovereign wealth funds and banks, that could be mobilised for infrastructure and growth. Where this capital is directed will influence the continent’s economic direction for decades.
On its own, wealth doesn’t build a legacy, but structure, purpose and trusted partnerships do, turning private capital into something that endures.