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Mapped: A Snapshot of Wealth in Africa



Map infographic showing the top locations of private wealth in Africa

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Mapped: A Snapshot of Wealth in Africa

The continent of Africa contains more than 50 countries, but just five account for more than half of total wealth on the continent: South Africa, Egypt, Nigeria, Morocco, and Kenya.

Despite recent setbacks in Africa’s largest economies, wealth creation has been strong in a number of areas, and total private wealth is now estimated to be US$2.1 trillion. There also an estimated 21 billionaires in Africa today.

Drawing from the latest Africa Wealth Report, here’s a look at where all that wealth is concentrated around the continent.

A Country-Level Look at Wealth in Africa

South Africa is a still a major stronghold of wealth in Africa, with a robust luxury real estate market and ample wealth management services. The country is also ranked second on the continent in per capita wealth. That said, the country has faced challenges in recent years.

An estimated 4,500 high net worth individuals (wealth of US$1 million or more) have left South Africa over the past decade, migrating to places like the UK, Australia, and the United States. In one stark data point, the report points out that “there are 15 South African born billionaires in the world, but only 5 of them still live in South Africa.”

Here is how major African countries compare in terms of per capita wealth.

RankCountryWealth per Capita (US$)
#1🇲🇺 Mauritius$34,000
#2🇿🇦 South Africa$10,970
#3🇳🇦 Namibia$9,320
#4🇧🇼 Botswana$7,880
#5🇲🇦 Morocco$3,380
#6🇪🇬 Egypt$3,000
#7🇬🇭 Ghana$1,890
#8🇰🇪 Kenya$1,700
#9🇦🇴 Angola$1,620
#10🇨🇮 Côte d'Ivoire$1,610
#11🇳🇬 Nigeria$1,100
#12🇹🇿 Tanzania$940
#13🇷🇼 Rwanda$850
#14🇺🇬 Uganda$820
#15🇿🇲 Zambia$760
#16🇲🇿 Mozambique$650
#17🇪🇹 Ethiopia$540

Mauritius is Africa’s wealthiest nation on a per capita basis. Here are a few reasons why the island nation comes out on top:

  • HNWI growth – Wealthy individuals have flocked to Mauritius in recent years
  • Ease of doing business – Mauritius ranked 13th worldwide in World Bank’s Doing Business Report
  • Low taxes – There is no inheritance tax or capital gains tax in the country
  • Safety – Mauritius was recently rated by New World Wealth as the safest country in Africa
  • Financial sector – A growing local financial services sector and stock market (SEMDEX)

As a result, Mauritius has seen the strongest growth in total private wealth over the past decade, followed by Rwanda and Ethiopia.

Bar chart showing 10-year wealth growth in African countries

On the flip side of the equation, Nigeria—which is Africa’s largest economy—saw a steep drop in total wealth. The country has struggled in recent years with high unemployment, corruption, and an over-reliance on crude oil.

The Big Picture

Over time, African countries are becoming less dependent on extractive industries, and business conditions are continuing to improve nearly across the board. These tailwinds, combined with the continent’s favorable demographics, point to a bright economic future for Africa.

The outlook for private wealth on the continent is largely positive as well. Total private wealth held in Africa is expected to reach US$3 trillion by 2031, an increase of close to 40%.

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Ranked: The World’s Top 50 Endowment Funds

Endowment funds represent the investment arms of nonprofits. See the worlds top 50, which collectively have over $1 trillion in assets.



Ranked: The World’s Top 50 Endowment Funds

What do Harvard, the Church Commissioners for England, the NYC Metropolitan Museum of Art, and an entity on behalf of Saudi Arabia’s King Abdullah all have in common? They all have endowment funds.

An endowment fund is the investment arm of nonprofit institutions like universities, charities, and churches. The purpose of the fund is to invest the organization’s assets to fuel future operations and other important projects.

The world’s largest endowment funds have billions in investable assets, making them sizable players in the finance sector. Here, using data from Sovereign Wealth Fund Institute, we take a closer look at the world’s largest endowment funds by total assets.

Types of Endowment Funds

Overall, there are four main types of endowment structures.

  • Unrestricted Endowment: A fund structure where assets are used at the full discretion of the institution
  • Term Endowment: A fund structure with a fixed term time period before the principal can be spent
  • Quasi Endowment: A donation to an endowment with a specific purpose to deploy that capital
  • Restricted Endowment: A fund structure where the principal value from donations is held forever and only returns generated on the principal can be used

In addition, each endowment fund has different structures in regards to withdrawals, use of funds, and their general investment philosophy.

The Largest Endowment Funds

The largest endowment funds can be compared on a grand economic scale, in terms of assets.

To put it all into perspective, the largest 50 endowment funds represent over a trillion dollars in assets. Or for a more singular example, look at Harvard’s fund, which has an endowment greater than the entire GDP of countries like Serbia, Bolivia, or Slovenia.

Here’s how the top 50 rank.

RankEndowment FundTotal AssetsRegion
1Ensign Peak Advisors, Inc$124,000,000,000North America
2Japan Science and Technology Agency$80,700,000,000Asia
3Stanford University$75,143,751,000North America
4Harvard Management Company$72,781,329,000North America
5Yale University$56,223,259,000North America
6Princeton University$44,460,038,000North America
7MIT Investment Management Company$42,526,492,000North America
8Duke University$30,385,835,000North America
9New York University$27,840,535,000North America
10Columbia University in the City of New York$24,698,782,000North America
11University of Notre Dame$24,599,541,000North America
12KAUST Investment Management Company$23,500,000,000Middle East
13Emory University$20,458,905,000North America
14Johns Hopkins University$18,037,751,000North America
15Church Pension Fund$17,773,649,171North America
16University of Chicago$17,276,136,000North America
17Ohio State University$16,006,851,000North America
18Northwestern University$15,855,683,000North America
19Washington University in St Louis$15,103,569,000North America
20Penn State University, Office of Investment Management$15,017,272,000North America
21Notre Dame of Maryland University$14,938,580,253North America
22Cornell University$14,850,618,000North America
23University of Southern California$14,495,427,000North America
24Vanderbilt University$13,883,495,000North America
25University of Virginia Investment Management Compnay$13,811,076,000North America
26University of Tokyo$13,285,270,000Asia
27National University of Singapore$12,626,100,000Asia
28UNC Management Company$11,986,857,000North America
29University of Michigan Office of Investments$11,900,000,000North America
30General Authority of Awqaf$11,238,371,192Middle East
31Church Commissioners for England$11,197,700,000Europe
32J.Paul Getty Trust$10,778,927,000North America
33Trinity Wall Street Episcopal Church$9,932,419,000North America
34Unitersity of Utah$9,827,602,000North America
35Brown University$9,793,108,000North America
36Kamehameha Schools$9,326,013,000North America
37Dartmouth College$9,078,340,000North America
38Hong Kong Jockey Club$8,603,580,000Asia
39Rice University$8,424,555,000North America
40The Leona M. and Harry B. Helmsley Charitable Trust$8,313,588,000North America
41University of Pittsburgh$8,011,856,000North America
42Nature Conservancy$7,870,380,000North America
43University of Toronto Asset Management Corporation$7,329,730,000North America
44University of Rochester$7,149,025,000North America
45Virginia Commonwealth University$6,985,495,306North America
46Purdue University$6,755,500,000North America
47University of Miami$6,582,600,000North America
48University of Minnesota$6,304,508,000North America
49Caltech Investment Office$6,252,584,000North America
50Metropolitan Museum of Art of New York City$5,588,554,000North America

The largest endowment fund, Ensign Peak Advisors, is based in Salt Lake City, Utah, and manages the assets for the Mormon Church (officially known as the Church of Jesus Christ of Latter-day Saints). The church itself has over 16 million members worldwide and is the fourth largest church in America.

The Japan Science and Technology Agency (JST) is a national research and development agency that plays a core role in promoting technology, innovation, and science within society. In 1995, Japan’s government passed the Science and Technology Basic Plan and the JST came to life and now has over $80 billion in assets as well as offices in Paris, Washington, Singapore, and Beijing.

Just two funds come from the Middle East. The King Abdullah University of Science and Technology (KAUST) with $23.5 billion and the General Authority of Awqaf. KAUST is ranked 95th amongst universities in the world and made history in the country by being Saudi Arabia’s first mixed-gender university.

The General Authority of Awqaf has $11 billion in assets and was established as a public authority to manage endowments and enhance Saudi Arabia’s various goals for societal development. “Awqaf” in Arabic loosely translates to assets that are donated or purchased for general or specific charitable causes that are socially beneficial.

On the environmental side is the Nature Conservancy, which has $7.8 billion in assets. The charity is estimated to have protected more than 100 million acres of land.

American Universities Dominate

Universities are one leading category from the world of endowment funds, particularly those from the United States. In fact, universities make up 39 of the top 50 endowment funds, with 35 of them based in America.

Historically, Harvard has been the largest, but Stanford has edged ahead in recent years. Stanford has $75 billion in assets compared to Harvard’s $73 billion. These vast amounts of money have not gone unnoticed, and elite universities are facing mounting criticism in some circles.

“When Harvard’s total admitted freshman class is 1,400 people—and they have an endowment that is the GDP of El Salvador—they’re not a nonprofit, they’re a hedge fund educating the children of their investors.” – Professor Scott Galloway

With student debt rising to $1.6 trillion, it’s likely these universities may face greater criticism around how they use the wealth available to them in endowment funds.

Sizable Influence

The top endowment funds carry considerable influence within the world of finance. While they all have billions to invest, each has very different objectives and intentions on how to deploy their capital.

And despite being non-profit organizations, endowment funds are seeing their overall assets exceed those held by many other investment funds, such as sovereign wealth funds, hedge funds, and private equity firms.

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