• Friday, May 24, 2024
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Africa’s richest nations struggle with low opportunity despite wealth

Africa’s richest nations struggle with low opportunity despite wealth

Wealth does not always translate into opportunity, a fact evident in many African nations. Despite being among the continent’s wealthiest, these countries struggle to provide opportunities.

Across Africa, countries face common obstacles like corruption, infrastructure deficits, and political instability, hindering social mobility despite abundant resources. To bridge the wealth-opportunity gap, governments have enacted policy reforms, invested in human capital, and fostered inclusive growth.

Priorities include education, healthcare, and removing barriers to employment and entrepreneurship. Transparency and good governance are key to combatting corruption. Only through comprehensive reforms can Africa unlock its full potential for all citizens.

Read also: 10 wealthiest cities in Africa with the most millionaires in 2024

The Henley Opportunity Index assessed 15 investment migration countries based on six criteria, including education quality, earning potential, career advancement, employment prospects, economic mobility, and livability.

This benchmark allows investors to compare and identify locations offering optimal ecosystems for maximizing career prospects and prosperity for future generations.

Employing the same methodology and data sources, the report also evaluated Africa’s wealthiest countries to demonstrate how families from these nations can enhance their life chances and future-proof the next generation through investment migration.

Read also: Top 10 African countries with the highest number of millionaires in 2023

Africa’s wealth doesn’t translate to opportunity: Top richest countries score low on upward mobility

The data shows that “despite most ranking in the continent’s Top 10 Wealthiest Countries, all of these nations have total opportunity scores of below 30%, compared to those of the 15 investment migration countries, which all score far higher”.

“According to the April 2024 Henley Opportunity Index, Switzerland provides the highest total opportunity score of 88%, followed by the USA with 81% and Singapore with 80%”.

These richest countries score low on upward mobility, according to the Henley Opportunity Index report: Opportunity Index

  1. South Africa – 30%
  2. Mauritius – 29%
  3. Egypt – 22%
  4. Morocco – 19%
  5. Ghana – 17%
  6. Algeria – 16%
  7. Kenya – 16%
  8. Namibia – 16%
  9. Nigeria – 14%
  10. Cote d’Ivoire – 14%
  11. Ethiopia – 10%