Across boardrooms in Lagos, dining tables in Accra, and private investment circles in London, a singular question echoes among Africa’s high-net-worth individuals: “How do I ensure my wealth endures beyond me?” It’s a question that goes far deeper than asset management—it speaks to the soul of legacy, the architecture of continuity, and the values we leave behind.
In an insightful piece (Beyond the Balance Sheet: Meeting the Rise of Personalised Wealth Services in Africa), Adaku Ijara—a seasoned voice in wealth advisory—delves into the profound legacy challenge facing Africa’s wealthy families, both on the continent and in the diaspora.
Read on, and join the conversation on what it truly means to build wealth that outlives us.
Beyond the Balance Sheet: Meeting the Rise of Personalised Wealth Services in Africa
By Adaku Ijara
Throughout my career, I’ve had the privilege of working with many accomplished wealthy Nigerians, here at home and in the diaspora. These are individuals who, regardless of nationality, profession, or faith, are often united by a single concern:
“How do I ensure my wealth endures beyond me?”
This question, while simple, opens the door to one of the continent’s most pressing financial challenges: how to build and protect legacy in a region where wealth can be hard-won, but easily lost.
The ‘Shirtsleeves to Shirtsleeves’ Dilemma
The fear that generational wealth will be squandered is far from unfounded. Globally, it’s believed that the majority of wealthy families lose their fortune by the 3rd generation. In Africa, this phenomenon is even more pronounced, often due to:
- Limited financial literacy among heirs,
- Lack of succession planning, and
- Fragile family governance frameworks.
Wealth here is frequently concentrated in illiquid assets, held across jurisdictions, or entwined with emotional and cultural attachments, which add complexity to long-term preservation.
Family Offices: A Tried but Evolving Solution
In response, Africa’s ultra-high-net-worth individuals (UHNWIs) and high-net-worth individuals (HNWIs) have increasingly turned to family offices. These are private entities dedicated to managing a family’s wealth, businesses, and philanthropic affairs.
These structures provide strategic, long-term guidance, often spanning generations, and have played a crucial role in wealth preservation globally. In Africa, they’re gaining momentum. Deloitte reports that family offices on the continent have grown by over 20% since 2019. Meanwhile, Henley & Partners’ 2023 Africa Wealth Report notes that over $2.5 trillion in investable wealth is held by a rapidly growing number of millionaires and centi-millionaires.
Still, family offices, especially in Africa, are not without their limitations:
- Cost: Single-family offices are expensive and out of reach for many HNWIs.
- Regulatory gaps: Most countries lack clear governance or legal frameworks.
- Generational disconnects: Many younger heirs want tech-forward, values-aligned solutions that their parents’ structures struggle to deliver..
The Rise of Human-Centred, Concierge-Level Financial Services
In response to these gaps, a new category of personalised financial service providers is quietly transforming Africa’s wealth management landscape. These solutions don’t seek to replace traditional structures, but rather to adapt, enhance, and democratise what family offices offer.
Continue to read the full article here.
© Adaku Ijara
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