Managing African Wealth (Podcast)

In this episode of Fieldfisher's Africa Week 2024 podcast, hosted by Danjuma Mshelia, from Fieldfisher's Private Client team, Paul Agbaje, the Head of Africa at SingAlliance, discusses managing African wealth through the lens of family offices.

Paul explains the concept of a family office, a private company managing a wealthy individual or family's financial affairs, emphasising its importance due to the unique needs and requirements of wealthy families. There has been a noticeable increase in affluent African families adopting family offices over the past five to ten years, a trend more established in Western Europe and North America but relatively new in Africa.

Paul highlights the minimum net worth for setting up a family office, which is generally around $50 million. He identifies unique challenges African clients face, such as relying on non-local professionals, which can drive up costs and limit local knowledge.