Standard Bank's Psyche of Africa's Wealthiest report highlights how growth is increasingly being driven by the West and East Africa regions where a new generation of ultra-high-net-worth individuals (UHNWIs) is emerging. Unlike in markets where wealth is often inherited or built through corporate careers, UHNWI in these regions are building wealth in real time.
Their success is driven by strong entrepreneurial spirit and resilience, built from operating in constantly changing and uncertain environments. "They are not discouraged by risk, they are shaped by it because they live with fluctuating currencies, changing regulations, and unpredictable markets," notes Benjamin Mensah, Standard Bank's Head of Private Banking for Africa Regions.
One of the most consistent themes across African markets from Nigeria to Kenya and Ghana is that the majority of UNHWI are first-generation wealth creators. Many see their hard‑earned wealth as something that needs to be protected, not taken for granted. But each market has its own unique dynamics:
In Nigeria, wealth is closely linked to reputation and legacy. A respected family name isn't just about status; it directly affects business success. It can open doors to deals, partnerships, and new opportunities. As Benjamin explains, there's a common belief that "a good name is better than riches," highlighting how trust and credibility drive financial success.
Originally published by African Business.