SINCE the Covid-19 pandemic, billionaire migration has intensified, with traditional hotspots such as Switzerland, the UAE, Singapore, and the US attracting substantial numbers. However, a new trend is emerging: Africa and the Middle East are increasingly drawing ultra-wealthy individuals, bringing with them a share of the $400bn in relocatable wealth.
The global billionaire shift
A UBS Group AG report reveals that 1 in 15 billionaires worldwide—out of 2,682 individuals—has relocated since 2020. These moves are motivated by factors such as economic opportunities, tax incentives, political stability, and access to emerging markets.
Key considerations influencing billionaire relocations include:
- Health and education: The pandemic underscored the importance of first-class healthcare and safe, high-quality education for families.
- Wealth transfer frameworks: Many are prioritising destinations with legal systems that support seamless intergenerational wealth transfer.
The report also highlights the demographic shifts within billionaire families. Over the past decade, the number of billionaire children has surged by 56 percent, from 4,123 to 6,441. This growth reflects shifting priorities, with younger generations demanding more stable and enriching environments.
Wealth dynamics: A global overview
The number of billionaires worldwide has grown by over 50 percent in the past decade, and their collective net worth has skyrocketed by 121 percent, reaching an astonishing $14 trillion.
However, the pace of wealth creation has slowed since 2020, primarily due to a sharp decline in Chinese billionaires’ fortunes. Over this period, the total wealth of Chinese billionaires has shrunk by 5 percent annually, signalling a shift in the dynamics of global wealth accumulation.
Africa’s growing appeal for the ultra-wealthy
Africa is increasingly becoming a destination of interest for the global elite. The 2024 Africa Wealth Report by Henley & Partners notes that the continent is home to:
- 135,200 high-net-worth individuals (HNWIs) with wealth exceeding $1 million.
- 342 centi-millionaires, each worth over $100 million.
- 21 billionaires spread across its major wealth markets.
Africa’s wealth hubs: the ‘Big Five’
South Africa, Egypt, Nigeria, Kenya, and Morocco collectively dominate Africa’s wealth landscape. These nations account for:
- 56 percent of Africa’s millionaires.
- Over 90 percent of its billionaires.
The broader picture
Billionaire relocations are driven by a mix of financial and personal motivations, reshaping global wealth patterns. Africa, long perceived as an underdog, is emerging as a destination of choice, particularly for those seeking new markets, stable investments, and opportunities to influence economic development.
As billionaire migration evolves, Africa’s role in the global wealth ecosystem will likely continue to expand, positioning the continent as a critical player in the next chapter of wealth accumulation and mobility.
