Tarra Agility Africa calls for stronger succession planning mechanisms

Africa’s growing wealth market is entering what experts describe as a critical transition period, with calls for stronger succession planning and governance structures to help preserve family wealth across generations.

Speaking during the Nairobi Private Wealth Conference 2026, convened by boutique international tax, legal and accounting advisory firm Tarra Agility Africa, experts warned that many African businesses remain vulnerable due to weak legacy planning frameworks.

The conference held on June 29, 2026, sponsored by Standard Chartered, brought together more than 250 affluent individuals, entrepreneurs, family business leaders, and legal, tax and wealth advisers to discuss how Africa’s expanding wealth can be preserved and transferred in an increasingly global investment environment.

According to Tarra Agility Africa Partner for Private Wealth, Marjorie Kivuva, Africa’s wealth ecosystem is maturing quickly, but governance and succession structures have not evolved at the same pace.

“Africa's wealth ecosystem is maturing rapidly, but legacy planning and governance structures have not evolved at the same pace. As more families build businesses and assets across multiple jurisdictions, there is a growing need for integrated legal, tax and wealth planning frameworks that protect wealth and support a seamless transfer of assets across generations,” she said.

Kivuva further noted that many family businesses still lack legal documentation and corporate governance systems, increasing the risk of disputes during transitions.

“Many family businesses do not have legal documentation and corporate governance frameworks in place. When disagreements or disruptions happen, family members are understandably emotionally charged and sometimes it is difficult to make wise business decisions,” she added.

The discussions come at a time when Africa is increasingly becoming part of the global “Great Wealth Transfer,” with wealth moving from founders and first-generation entrepreneurs to younger generations. Kenya alone is estimated to have between 6,800 and 7,200 dollar millionaires controlling nearly 90 billion dollars in assets under management.

Across the continent, Africa now has more than 122,000 dollar millionaires and approximately 2.5 trillion dollars in investable wealth, with the millionaire population projected to grow by 65 per cent over the next decade.

According to Standard Chartered research presented at the conference, nearly three-quarters of family office professionals have reported growing family tensions linked to market volatility, geopolitical uncertainty, and generational change. At the same time, 90 per cent believe stronger succession planning could save families millions during future wealth transfers.

The conference concluded that wealth transfer is not only about finances, but also about protecting family relationships, businesses, and Africa’s long-term economic legacy.