How Family Offices Build Generational Wealth for Africa’s Elite

Africa is home to a growing number of wealthy individuals, boasting 122,500 millionaires, 348 centi-millionaires, and 25 billionaires, according to the Africa Wealth Report 2025. Yet, for many of these affluent families, preserving wealth across multiple generations is a significant challenge. Statistics show that most dynasties fail to retain substantial portions of their fortune beyond three generations. To combat this trend, a growing number of Africa’s wealthy are turning to family offices to safeguard their financial legacies.

What Are Family Offices and What Do They Offer?

Family offices are private organizations dedicated to managing the wealth, business, and lifestyle needs of ultra-high-net-worth families. Their services go beyond traditional financial management, offering investment strategies, tax and estate planning, philanthropy guidance, and personal concierge services. These offices streamline complex financial structures, enabling families to focus on sustaining and growing their fortunes for future generations.

Family offices can be structured as single-family offices, catering exclusively to one family, or multi-family offices, which pool resources to serve multiple families. Barry Johnson, founder of 7 Generations Africa, describes family offices as more than financial mechanisms—they promote family unity, shared mission, and governance principles.

The True Wealth: Non-Financial Assets

Beyond financial portfolios, family offices address what Johnson calls “non-financial wealth,” such as family values, health, creativity, and heritage. These elements often form the backbone of financial success and ensure long-term sustainability. According to Johnson, families that focus on cultivating these areas are better prepared to manage external pressures, internal disputes, and new generational dynamics.

By creating a unified framework for family members, family offices facilitate the alignment of individual goals with collective legacies. Whether a successor chooses to innovate in technology or continue the family’s traditional business pursuits, the family office supports individual aspirations without compromising the broader mission.

Family Offices: A Growing Phenomenon in Africa

While family offices are well-established globally, with an estimated 8,000 to 10,000 in operation, their presence in Africa remains at nascent stages. According to Deloitte, there are only about 30 to 60 family offices operating on the continent, despite approximately 1,500 to 2,000 families having the wealth necessary to justify their establishment. Increasing awareness of their long-term benefits is likely to drive their growth in Africa.

One unique feature of family offices is their ability to act as long-term investors. Unlike hedge funds, which prioritize quarterly returns, family offices think in terms of decades and even centuries. They provide patient capital that can support substantial developmental and philanthropic efforts across Africa. In fact, single-family offices globally manage an estimated $6 trillion in assets, surpassing the aggregate assets of the hedge fund industry.

Looking Forward: A New Class of Investors

For African entrepreneurs and policymakers, family offices represent a unique class of investors that could propel the continent’s development. By investing in businesses, startups, and social ventures, they inject resources into areas often overlooked by traditional investment vehicles. Additionally, their philanthropic focus ensures that societal impact aligns with business growth.

However, securing the attention and investments of family offices requires careful preparation. Prospective fundraisers must tailor their approaches to reflect the values and goals of the target family. “When you’ve met one family office, you’ve met one family office,” Johnson emphasizes, highlighting the unique priorities each family brings to the table.

As Africa’s wealth continues to grow, the expansion of family offices stands poised to play a pivotal role in ensuring that economic prosperity extends across generations, fosters societal impact, and secures the legacies of its wealthiest dynasties.