South Africa-based banks such as Investec, Nedbank, Sanlam and Standard Bank dominate the list as the largest private banks and wealth managers, managing African assets estimated at $74.2 billion. Other players like Barclays (Absa) also control a large share of these assets. There are just over 160,000 HNWIs in Africa worth about $660 billion, said the consulting firm, adding that an estimated $120 billion of this wealth is tied up in wealth management companies. “The most promising emerging African markets for private banking are Nigeria, Ghana and Kenya. Fast growing countries such as Angola and Zambia are next on the list,” said NWW. “We estimate the African private banking market will grow by 8 per cent per annum over the next 10 years.” Link bit.ly/1oSFK1u
Posted on: Tue, 03 Jun 2014 17:10:47 +0000
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