Africa's Wealthy Give Back | Planning for Philanthropy
According to the World Wealth Report, the number of High Net Worth individuals on the continent rose 130% between 2003 and 2013. In 2015, the combined wealth of 165,000 HNIs stood at USD 860 billion. The growth of wealthy individuals has increased the potential for Africans to assume a stronger role in the continent’s development agenda. Philanthropy has existed for generations as an integral part of the continent’s culture, but more in a fragmented fashion (in families and communities). However, new platforms led by Africans, like the Africa Philanthropy Forum (APF), are providing a forum for meaningful discussion and participation in the emergence of strategic giving.
The Breakfast Forum which was held in London on December 18 was initiated by the Africa Philanthropy Forum and sponsored by W8 Advisory and KPMG London respectively. The event presented an important opportunity to explore the nature of ‘giving’ not just of money, but of time and social capital and also the various mechanisms for giving (e.g. endowments, corporate pledges and impact investment). The growth of African economies has seen a corresponding increase in the number of entrepreneurs. To read the full LinkedIn article by Bimpe Nkontchou, Managing principle at W8 Advisory, click here.