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How Rich Africans Grew Wealth In 2022 – Report

Published

3 years ago

February 23, 2023

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Six out of 10 Africa’s Ultra-High-Net-Worth Individuals grew their wealth in 2022, despite the economic challenges recorded in the year, Knight Frank’s latest wealth research has said.

In a statement, it said the drivers of the performance were real estate, currency trades, market timing and, for the first time in more than a decade, the return on cash.

It stated, “Using data from Knight Frank’s global annual ‘Attitudes Survey’ of more than 500 private bankers, wealth advisors and family offices conducted in November 2022, combined with in-depth conversations with industry experts, the study also reveals that those that saw their wealth shrink, attributed it to equity markets, financial markets more broadly and interest rate moves.

“However, with disruption comes opportunity and the study found that close to three quarters of survey respondents expect their clients’ wealth in Africa to increase marginally (23 per cent) or significantly (50 per cent) in 2023. The survey also showed that 14 per cent of UHNWIs in Africa are planning to invest directly in commercial property in 2023, and another 13 per cent indirectly through REITs or debt funding.

“On the global scene, real estate (46 per cent), tech (33 per cent) and equity markets (28 per cent) were cited as the top opportunities in 2023 for UHNWIs to create and grow their wealth.”

Partner of Residential Research at Knight Frank, Flora Harley, said, “Real estate was the top cited opportunity among 46 per cent of Knight Frank’s survey respondents, whether for its attributes as an inflation hedge or due to the benefits of diversification.

“Many panellists highlighted the opportunity to secure enhanced return profiles a key advantage. Plus, when investing directly, real estate enables greater control and value-add opportunities.

“One in 10 respondents specifically cited looking for attractive valuations and distressed opportunities. That trend isn’t limited to real estate either: equities and the technology sector were tipped by around a third of our respondents.”
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Welcome Home, Israel Confirms Return Of 20 Hostages From Gaza

Published

19 hours ago

October 13, 2025

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Israel said that the last 20 living hostages released by Hamas on Monday had arrived in the country.

“Welcome home,” the foreign ministry wrote in a series of posts on X, hailing the return of Matan Angrest, Gali Berman, Ziv Berman, Elkana Bohbot, Rom Braslavski, Nimrod Cohen, David Cunio, Ariel Cunio, Evyatar David, Guy Gilboa Dalal, Maxim Herkin, Eitan Horn, Segev Kalfon, Bar Kuperstein, Omri Miran, Eitan Mor, Yosef Haim Ohana, Alon Ohel, Avinatan Or and Matan Zangauker.

AFP

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20 Members Of Gang Blacklisted By US Escape Guatemala Prison

Published

22 hours ago

October 13, 2025

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Twenty members of a gang designated a “foreign terrorist organisation” by the United States have escaped from detention in Guatemala, a prison chief said Sunday.

The members of the Barrio 18 gang “evaded security controls” at the Fraijanes II facility, prison director Ludin Godinez said at a news conference.

He received “an intelligence report” on Friday warning about the “possible escape” from the prison, which is southeast of the capital, Guatemala City.

Godinez said they were investigating possible acts of corruption.

Washington last month blacklisted Barrio 18, an El Salvador-based gang which has a reputation for violence and extortion, as part of its crackdown on drug trafficking.

The US embassy in Guatemala condemned the prison escape as “utterly unacceptable.”

“The United States designated members of this heinous group as the terrorists they are and will hold accountable anyone who has provided, provides, or decides to provide material support to these fugitives or other gang members,” the embassy said on X.

It called on the Guatemalan government to “act immediately and vigorously to recapture these terrorists.”

According to Interior Minister Francisco Jimenez, there are about 12,000 gang members and collaborators in Guatemala, while another 3,000 are in prison.

The country’s homicide rate has increased from 16.1 per 100,000 inhabitants in 2024 to 17.65 this year, more than double the world average, according to the Centre for National Economic Research.

According to the Salvadoran government, the gangs Barrio 18 and Mara Salvatrucha, better known as MS-13, are responsible for the deaths of about 200,000 people over three decades.

The two gangs once controlled an estimated 80 percent of El Salvador, which had one of the highest homicide rates in the world.

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South Africa Bus Crash Kills 40 Including Malawi, Zimbabwe Nationals

Published

22 hours ago

October 13, 2025

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At least 40 people, including nationals of Malawi and Zimbabwe, were killed when a passenger bus rolled down an embankment in South Africa, a provincial transport minister said Monday.

The bus travelling to Zimbabwe crashed around 90 kilometres (55 miles) from the border on Sunday after the driver apparently lost control, Limpopo province transport minister Violet Mathye said.

“They are still working on the scene, but 40 bodies have already been confirmed to date,” Mathye told the Newzroom Afrika channel. The dead included a 10-month-old girl, she said.

Thirty-eight people were in hospital and rescuers were searching for other victims, she told eNCA media.

The bus was travelling from the southern city of Gqeberha, around 1,500 kilometres away, and its passengers included Malawians and Zimbabweans who were working in South Africa. The crash may have been caused by driver fatigue or a mechanical fault, the minister said.

South Africa has a sophisticated and busy road network with a high rate of road deaths, blamed mostly on speeding, reckless driving and unroadworthy vehicles.

AFP