DURBAN – South Africa, mainly Johannesburg, is Africa's main wealth management hub with $82 billion (R1.2 trillion) in assets under management.
According to the New World Wealth's AfrAsia Bank Africa Wealth Report 2018, about $140bn of African High Net Worth Individual (HNWI) wealth is tied up with wealth managers and private banks.
Usually, wealth managers in Africa target individuals with more than $500 000 in investable assets.
Services that are in high demand from wealth managers include: asset management services, financial planning and inheritance planning.
It is estimated that the African wealth management market will increase by about 7 percent per annum over the next 10 years.