Africa's wealthy urged to prioritise succession planning amid looming $2.5 trillion wealth transfer

Africa's growing class of wealthy individuals and family-owned businesses has been urged to prioritise succession planning and cross-border wealth management as the continent enters what experts describe as a new era of intergenerational wealth transfer.

The call comes as Africa's investable wealth reaches an estimated Ksh.323.7 trillion (US$2.5 trillion), with the continent now home to more than 122,000 dollar millionaires. The millionaire population is projected to grow by 65 per cent over the next decade, making Africa one of the fastest-growing private wealth markets globally.

Speaking during the Nairobi Private Wealth Conference 2026, wealth experts said the focus among affluent families is increasingly shifting from creating wealth to preserving and transferring it across generations.

"For many years, the focus of wealth management was largely on accumulation. Today, the conversation has evolved. Successful individuals and families are now thinking beyond wealth creation to wealth continuity. They are asking how wealth can be preserved, how it can be transferred responsibly, and how it can remain a force for progress across multiple generations," said Edith Chumba, Head of Wealth and Retail Banking for Kenya and East Africa at Standard Chartered.

According to Chumba, Kenya is also experiencing the shift, with an estimated 6,800 to 7,200 dollar millionaires collectively managing approximately Ksh.11.65 trillion (US$90 billion) in assets that are beginning to pass to the next generation.

"For many affluent African families, this transition will happen for the first time. The challenge we have is how to prepare the next generation and transfer wealth without transferring conflict," she said.

The conference, organised by Tarra Agility Africa in partnership with Standard Chartered, brought together entrepreneurs, investors, family business leaders and wealth advisers to discuss succession planning, governance and cross-border investment strategies.

The discussions come amid growing concerns over the impact of inadequate succession planning on family wealth.

According to Standard Chartered's latest Family Office research, nearly three-quarters of family office professionals report increasing family tensions linked to market volatility, geopolitical uncertainty and generational change.

The study further found that 90 per cent believe stronger succession planning could save families millions during future wealth transfers, while 87 per cent say better planning of cross-border assets would significantly improve outcomes.

Marjorie Kivuva, Partner, Private Wealth and Head of Legal at Tarra Agility Africa, said the rapid expansion of African businesses beyond national borders has outpaced the development of governance and legacy planning structures.

"Africa's wealth ecosystem is maturing rapidly, but legacy planning and governance structures have not evolved at the same pace. As more families build businesses and assets across multiple jurisdictions, there is a growing need for integrated tax, legal, and wealth planning frameworks that protect wealth and support a seamless transfer of assets across generations," she said.

Experts at the forum noted that effective succession planning extends beyond inheritance, with well-structured governance frameworks helping family businesses remain sustainable, reducing disputes among beneficiaries and preserving investments across generations.

They also observed that growing cross-border investments by African entrepreneurs are increasing demand for integrated legal, tax and wealth advisory services capable of navigating multiple jurisdictions while safeguarding family assets.