Finance
Standard Chartered’s Leaning on Wealthy Africans to Drive Growth
- Assets under management more than doubled in past three years
- Bank has scaled back from seven African markets in recent past
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Standard Chartered Plc is banking on the ultra-rich in Africa to expand its business after more than doubling assets under management in its wealth business on the continent the past three years.
AUM in sub-Saharan Africa has catapulted to $4 billion from $1.7 billion, Chairman José Viñals said in an interview in the Kenyan capital, Nairobi. The continent has more than 135,000 dollar millionaires and that number is likely to jump 65% over the next decade, according to Henley & Partners and New World Wealth.