Africa urged to prioritise wealth preservation as generational asset transfer begins

• Africa is entering a major intergenerational wealth transfer worth trillions of dollars.

• Experts say many family businesses risk collapse because they lack succession and governance plans.

• Families were urged to adopt wills, trusts, holding companies and tax planning before crises arise.

• Africa's millionaire population is expected to grow by 65% over the next decade.

African families and business owners have been urged to move beyond wealth creation and focus on preserving assets for future generations as the continent enters one of the largest intergenerational wealth transfers in its history.

The call was made at the Nairobi Private Wealth Conference 2026, organised by international tax, legal and accounting advisory firm Tarra Agility Africa in partnership with Standard Chartered.

More than 250 affluent individuals, entrepreneurs, family business leaders, tax experts, lawyers and wealth advisers attended the conference to discuss how Africa's growing wealth can be protected and transferred across generations.

Speakers said Africa's wealth is expanding rapidly, but many families remain unprepared for succession because they lack governance structures, legal documentation and tax planning.

Marjorie Kivuva, Partner and Head of Private Wealth at Tarra Agility Africa, said the continent is becoming part of the global "Great Wealth Transfer", with billions of dollars expected to change hands over the coming years.

Kenya alone has an estimated 6,800 to 7,200 dollar millionaires managing about $90 billion in assets that are beginning to pass from first-generation wealth creators to their children and grandchildren.

"Africa's wealth ecosystem is maturing rapidly, but legacy planning and governance structures have not evolved at the same pace," Kivuva said.

"As more families build businesses and assets across multiple jurisdictions, there is a growing need for integrated legal, tax and wealth planning frameworks that protect wealth and support a seamless transfer of assets across generations."

She warned that many African family businesses risk collapsing because succession planning often starts only after illness, death, divorce or family disputes.

According to Kivuva, only about 30% of family businesses worldwide survive into the second generation, while just 10% reach the fourth generation. She said the situation is more challenging in Africa because many businesses delay putting governance structures in place.

She noted that many family businesses lack wills, trusts, shareholder agreements and corporate governance frameworks. As a result, disputes can halt operations, delay investment decisions and erode business value.

The conference heard that Africa now has more than 122,000 dollar millionaires with about $2.5 trillion in investable wealth. The continent's millionaire population is projected to grow by 65% over the next decade, making Africa one of the world's fastest-growing wealth markets.

Beatrice Njeri, Partner for Tax and Accounting at Tarra Agility Africa, said cross-border investments have made wealth management more complex.

She said many African families own businesses, property and investments in several countries, exposing them to different tax, legal and succession laws.

"A Kenyan family, for example, may simultaneously face Kenyan succession requirements, UK inheritance tax considerations and UAE estate administration rules," Njeri said.

She said families that fail to establish proper legal and tax structures risk costly disputes, delays and unintended tax liabilities.

Njeri urged families to begin succession planning early through wills, trusts, holding companies and family constitutions supported by sound tax governance.

She said wealth preservation should involve legal experts, tax advisers and family members long before ownership changes become necessary.

The conference also highlighted findings from Standard Chartered's latest Family Office research.

According to the study, nearly three-quarters of family office professionals have reported rising family tensions linked to market volatility, geopolitical uncertainty and generational change.

The research found that 90% believe stronger succession planning could save families millions during wealth transfers, while 87% said better planning for cross-border assets would significantly improve outcomes.

Standard Chartered said it is supporting wealthy African clients through international banking, investment advisory, wealth planning, lending, family governance and cross-border wealth structuring across its global network.

Delegates concluded that wealth transfer is not only about financial assets but also about preserving family values, businesses and Africa's long-term economic legacy.