Africa’s Rich Set To Get Wealthier From Technology Boost

The technological expansion will improve the efficiency of African businesses in the coming years. Increased use of technology in businesses will also increase the number of rich individuals in Africa.

According to Faizal Bhana, director for the Middle East, Africa and India at state-funded Jersey Finance, rich people in Africa will get wealthier from technology boost. 

The first generation became entrepreneurs in their teens and twenties, and are now in their sixties and seventies. The second generation will take over businesses from the founders. The wealth transfer from the older generation to a new generation that is more educated and tech-savvy will increase the net worth of individuals in Africa over the next 5 to 10 years. The new generation has increased the use of technology in businesses. 

Related Posts

Entrepreneurs in African countries

There is a new generation of tech and fintech entrepreneurs in African countries, especially in Nigeria, Kenya and South Africa. Due to technological expansion, there will be a lot more entrepreneurs in Africa in the coming years. 

Bhana said, “The impact that technology is having on the African continent is unprecedented.”

Private wealth in Africa

According to Bloomberg, private wealth in Africa is estimated at $2.1-trillion. According to the Africa Wealth Report 2022, private wealth will increase by 38 per cent in the next 10 years. Half the wealth is in five African countries: South Africa, Egypt, Nigeria, Morocco and Kenya. These 5 countries are also great for entrepreneurs in 2022.

South Africa tops the local ranking for the best African countries for entrepreneurs in 2022. South Africa also has a highly-skilled workforce, competitiveness and openness to business. Nairobi, Kenya’s capital, is best known for Food Tech, Transportation, Technology, and Energy businesses. Lagos, the largest city in Nigeria, is famous for its E-commerce business. Nigeria is also supportive of private entrepreneurship and public-private partnerships. 

Sagrika Giri

Recent Posts

Africa and GCC Trade Doubles to $121 Billion

Trade between African and GCC countries stands at $ 121 billion in 2023, double of what it was in 2016.…

December 21, 2024

Families in Mayotte rebuilding their homes complain of lack of help

Family members struggling after one week after  of Cyclone Chido ripped through the French island territory of Mayotte expressed helplessness…

December 21, 2024

Ethiopian PM Inaugurates UAE-Funded Orphanage in Oromia

The United Arab Emirates has launched its orphanage project in Ethiopia's Oromia region on the orders of President Sheikh Mohamed…

December 21, 2024

A Rising Femicide Threat, Kenya’s Call to End Gender Based Violence

In just four months, 100 women have been killed, the majority by males they knew including spouses. Prime Cabinet Secretary…

December 20, 2024

Actor C Confion has passed away

The Ghanaian entertainment industry is in deep mourning following the sudden death of Bright Owusu, better known as C Confion.…

December 20, 2024

South Africa: 512 Accident Deaths and 941 Arrested for Drunk Driving Just on December Month

Since the beginning of December more than five hundred people have lost their lives on the nation's highways. Barbara Creecy,…

December 19, 2024

This website uses cookies.