How Families are Navigating Wealth and Succession Across Africa

As Africa’s economic landscape evolves, the intergenerational transfer of family wealth presents both opportunities and challenges. With an estimated US$2.5 trillion in investable wealth on the continent, families are increasingly seeking structured, future-focussed solutions to protect their legacy and ensure continuity across generations.

These trends are explored in a recent episode of the ‘Unlocking Africa’ podcast, hosted by Terser Adamu and featuring Faizal Bhana, Director – Middle East, Africa and India at Jersey Finance, and Claire Machin, Group Director and Head of Private Wealth at Suntera Global. Topics discussed include: the shifting dynamics of African family wealth; the growing relevance of governance; and the role that international finance centres, such as Jersey, can play in supporting the long-term objectives of family businesses.

This podcast offers valuable insights for African family offices, professional advisers and next generation wealth holders, who are navigating the complexities of cross-border investment and succession planning.

In part one, Faizal and Claire discuss how a lack of succession planning and governance causes many African family legacies to fade by the second or third generations.

With governance becoming a critical asset in African families’ wealth planning, Claire explains that there has been a marked shift towards formal structures, such as private trust companies, family constitutions and inclusive decision-making forums. These are essential not only for managing financial assets, but also for safeguarding the values, goals and relationships that define successful families.

Claire also shares examples of how Jersey businesses, like Suntera, work closely with multigenerational families to navigate succession challenges. These governance mechanisms provide clarity, reduce conflict and ensure continuity across generations.

Across Africa, younger generations are reshaping the priorities of wealth planning. Globally educated and digitally connected, the next generation is increasingly focussed on purpose-driven investment and long-term impact. In part two, Faizal and Claire highlight the growing demand for structures that align with ESG principles and ethical finance. Shari’a-compliant investment, in particular, is gaining traction in East Africa, offering a strong values-based alternative to traditional financing.

This shift is not simply a generational preference; it’s transforming how family businesses structure capital and attract outside investment.

With over six decades of experience, Jersey’s finance industry has developed deep ties with Africa, which Faizal and Claire both emphasise throughout the podcast.

The collaborative relationship between Jersey and Africa has fostered a robust platform for cross-border financial solutions, underpinned by Jersey’s expertise as an IFC with a global outlook. Over the years, the Island has acted as a bridge between capital raising in Europe and investment in Africa.

Research shows that the capital intermediated through Jersey equated to £6 billion of Africa’s GDP annually during the period studied (2017 – 2020) and supported more than 900,000 jobs in Africa (Jersey’s Contribution to Global Value Chains, Cebr 2021).