The Africa Wealth Report 2021

THE

AFRICA WEALTH REPORT 2021

Table of Content Introduction Keynote Speech Private Wealth Session: “Africa Wealth Management” Presentation: Global Wealth Management Panel session 1: Private Wealth and Family Office Management Panel session 2: Alternative Investments and Global Markets options Panel session 3: Family business and succession planning Keynote Speech Creating Wealth Session: “Creating wealth for all Africans” Panel session 4: Savings & Investing (Financial solutions) Panel session 5: Asset Management & REIT Management Panel session 6: Entrepreneurship and Wealth Creation Keynote Speech Diaspora Wealth Session: "Africa Diaspora Role in Africa Economic Development" Panel session 7: Organizing the Diaspora to invest in Africa Panel session 8: Real Estate development and property management for the Diaspora Panel session 9: Diaspora investing in operational businesses in Africa Event Results Key Conference Quotes

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Introduction This is the 1st Edition of the “Africa Wealth Report” by the Regal Africa Group. The report highlights the outcomes from the Africa Wealth Conference that was held on 7th July, 2021 and was done virtually out of Nairobi, Kenya. The conference’s theme was “Empowering Africans to Create Wealth by participating in Africa Economic Development”. The panelists and attendees who participated in the AWC2021 were from various African countries, the African Diaspora & the global investment community including wealth practitioners and clients.

The Conference was structured into 3 sessions: Private Wealth Session: Where the discussions covered family business succession planning and private wealth management in Africa.

Creating Wealth Session: Where the discussions were centered on helping everyday investors learn about saving and investing through Sacco’s, Asset Management, REIT’s and Entrepreneurship.

Diaspora Wealth Session: Where the discussions focused on bringing the Diaspora community together to invest and possible options in real estate, business and other investment options.

The Africa Wealth Conference is an annual conference that seeks to play an important role in facilitating dialogue, advancing knowledge and information about wealth creation and wealth management opportunities in Africa. The ultimate goal is Wealth Creation for all Africans and Africa Economic Development. The conference is brought to the world by Regal Africa, an organization that focuses on assisting our clients to “Create Wealth” through trade and investment. Regal Africa focuses on Transforming Families by enabling them to create generational wealth, Transforming Communities through family businesses and Impacting Nations through participation in international trade

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Conference Main objective The Africa Wealth Conference targeted wealth & investment professionals who want to connect and grow the investment industry and also clients who are interested in creating and managing wealth for the development of Africa.

With the growth of Africa and the connectivity of the African Diaspora, it is believed that this is the right time to have discussions on how we can all invest to develop Africa by creating wealth for our families and impacting our communities and nations.

Conference Specific objectives To understand the opportunities when investing in Africa To analyze how investing in Africa generates greater returns than other regions To analyze strategies for the connectivity of Africans and Africans in the Diaspora to connect and work together to develop Africa.

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Keynote Speech Private Wealth Session: “Africa Wealth Management”

By Mr. Pius Muchiri, Managing Director – Nabo Capital “Wealth management is crucial, especially if you want to build a legacy.”

Mr. Pius Muchiri Keynote Speaker

Africa Wealth Management means that we as Africans need to manage wealth and this needs the right information and the right advisors to assist you manage your assets the right way but you need to build sustainable wealth first.

Drawing inspiration from Friedrich Flick, the world’s youngest billionaire, who became a billionaire twice in his lifetime, Mr Pius Muchiri focused on sharing the three stages to building generational wealth.

Accumulation of wealth is the wealth creation stage, this is where you take steps to build up wealth, whether from scratch or through collaborations with other family members or friends.

The most important thing to consider during this accumulation stage is whether the business you're looking to invest in is the biggest opportunity of your lifetime. Why? Because getting into a lucrative industry will make the wealth accumulation journey faster and easier. Currently we see that one of the most lucrative industries to tap into is the technology business.

Preservation of wealth is where you manage and protect your wealth to make it sustainable for the future. Here you make crucial decisions to preserve your wealth for generations to come and focus on passive income. These could mean pivoting your business in a new direction or finding ways to lower your taxes and other wealth preservation strategies that a wealth advisor can assist you with.

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The wealth protection stage seeks to ensure your family business or family estate can survive you. So, here you take the right steps to keep the wealth continuum going. This could mean working with professionals to create a family business succession plan or engaging a trust fund to oversee the business once you pass on. “Think and plan with 100 years forsight to ensure that your Family Wealth is there for generations to come” Throughout all these three stages, the way you package and manage your wealth will make the difference between your family going broke as soon as you pass on (mostly the patriarch) and your family living sustainably off the wealth you have built for generations to come. To ensure that you leave a legacy and that you do not have the next generation move from shirt sleeves to shirt sleeves, it is important that you get your family to be interested in managing your Family Estate or you can get professionals to manage the Family Wealth.

We encourage you to watch Mr. Pius Muchiri Keynote Speech as he breaks down “Africa Wealth Managment” for you into simple, actionable steps you can take right away to build generational wealth.

Youtube Channel link https://youtu.be/DcHdpj3ihuA

Scan to watch the youtube Video for Pius Muchiri

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Global Wealth Management Presentation

By Ms. Anne Gaitha, CEO of the Regal Africa Group

Ms. Anne Wambui Gaitha Speaker

What do you do if you have global assets ? You are an African, you have property in different African countries and in other continents in the world. You have also invested in other asset classes including equities in the US and have some money invested in an offshore account in Europe. How do you manage all these assets? How can you keep track of the wealth you own? This is where a professional wealth advisor comes in.

The wealth advisor will help you get a clear holistic financial picture of how much you're worth in terms of assets. Why? Because knowing how much wealth you have allows you to make better financial decisions.

Making "poor" financial decisions is prevalent in Africa as Ms. Anne Wambui Gaitha rightly noted: "Most Africans are asset rich, but cash poor.”

So, a good wealth advisor will assist you in managing your investment portfolio by becoming more cash secure to ensure that you have funds you can quickly get to in times of emergencies, like hospital bills and ensuring that you find a good balance between your non-cash and cash assets.

But more than that, they'll help you understand: What steps you can take to organize your wealth better, including creating a multi-family office and looking into the governance of your businesses What alternative investments exist that can get you higher returns You can watch Ms. Anne Gaitha on our YouTube channel RegalAfrica TV, as she delves more into this topic, primarily on how Regal Africa will assist you in managing your global wealth better.

https://youtu.be/4ZFilxwbK5E Scan to watch the youtube Video for Ms. Anne Gaitha

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Panel session 1: Private Wealth and Family Office Management Moderator: Mr. David Bell, Private Client Dining club Panelists: Ms. Bimpe Nkontchou, Managing Partner – W8advisory Ms. Mona K. Doshi, Partner - Anjarwalla & Khanna Mr. Madabhushi Soundararajan, Managing Director, MTC Trust

Panel Discussion:

Drawing from Mr. Pius Mucihri’s presentation, private wealth and family office management is part of Africa Wealth Management, this is where you take steps to organize your assets to ensure that they are managed in an effective way and this can be through a family office (creating generational wealth).

As Mr. Madabhushi Soundararajan, the Managing Director, MTC Trust, rightly stated “You need to future-proof your assets to keep the wealth continuum.”

But what is a family office? Ms. Bimpe Nkontchou, the Managing Partner, W8 Advisory, defined it as "a holistic structure that you can use to take care of your wealth". This means that a family office is designed to help you manage your wealth as you accumulate it. This allows you to make sound financial decisions, as Ms. Anne Gaitha discussed in the global wealth management section. It is important that as you entrust your wealth to people outside the family, then ensure that you get to work with established professionals like: Family investment companies Family Office or join a Multi Family Office Or establish a hybrid company that combines the family investment and trust fund bit to get the best of both worlds

Family office management:

Having professionals manage your family estate can help you get better returns because you'll make fact-based financial decisions. What's more, a family office' elements follow the owner's wishes, unlike with a will where elements can be changed by court order. Ms. Mona K. Doshi, a partner at Anjarwalla & Khanna, even noted that: "If a will is badly crafted, no judge will use it." So, after working so hard in your life to take care of your family and build wealth, you may leave them with less wealth if you don't plan the right way. Therefore, it's advisable to create a family office if you are a Ultra High Networth family, because in your demise, only those who you name as dependents will benefit from your hard-earned wealth. With a family office, you can diversify your portfolio and absorb risks associated with market changes (like those that have happened because of the pandemic) or inflation. Ms. Bimpe Nkontchou noted that one way they assist clients in diversifying their assets is by investing in foreign currency. This way, clients can avoid inflation from eroding all their wealth at once by having a share in a stronger currency (wealth preservation).

You can watch the panel discussion at

https://youtu.be/Jn4m6qsvCYM

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WE ARE THE BEST IN CUSTOMIZING A WEALTH MANAGEMENT PLAN TAILORED FOR YOU

Regal Africa Wealth Advisory provides financial planning , wealth advice to individuals, families, family offices and businesses. We offer a high touch, high quality and customized service.

We believe that finding the right wealth adviser is critical to attaining your lifetime financial plan. Our aim is to help our clients to make the right financial decisions to attain their financial and investment goals as we assist them to plan, grow and manage their wealth.

Regal Africa Group Top Plaza, 4th Floor Kindaruma Rd, Nairobi, Kenya P.O. Box 40187, Nairobi 00100 Tel: +254 0714 009 065

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Panel session 2: Alternative Investments and Global Markets options Moderator: David Bell, Private Client Dining club Panelists: Ms. Urvi Shah, Investment Advisor, Director - Barclays Private Bank Ms. Diaraye Diallo, Senior Private Banker, Africa - Barclays Private Bank

Panel Discussion:

It was emphasized at the panel discussion that a family business is a great vehicle to broaden your investment portfolio to earn passive income, as stated earlier. Aside from investing in a foreign currency asset, Ms. Diaraye Diallo, Senior Private Banker, Africa at Barclays Private, noted that you could invest in: Global real estate assets as long term investments for high returns Private equity, which you invest in the long term to get high returns Technology in the US and Asia ESG investing Establish an Insurance policy for the preservation wealth

“You need to future proof your Wealth” Ms. Diaraye Diallo Since all these investments can be a little confusing if you decide to go at it alone, an investment professional will assist you to build a portfolio for you, that ensures you have geographic asset diversification to complement your local family businesses. This means, for example, taking advantage of the real estate market in developed economies to get more returns or tapping into new ventures like technology and those that focus on ESG opportunities. By working with professionals, you will also get to make better financial decisions like investing rather than saving money in an offshore account to take advantage of compound interest and get better returns. So, a wealth advisor will help you look into better and more rewarding sources of investments to get better returns.

“Geographical diversification and Currency diversification in investments are KEY as you look at Managing your Global Assets and she stated that investors need to focused on inflation” Ms. Urvi Shah It was stated again in this session that working with a professional helps you create a healthy balance between cash and non-cash assets to avoid frustrations when you need money quickly, like for emergency purposes.

You can watch the panel discussion at https://youtu.be/1ovHcm_UsLg

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Panel session 3: Family business and succession planning Moderator: Wangeci Gitata-Kiriga Panelists: Ms. Tsitsi Mutendi, Co-Founder – Africa Family Firms & Nhaka Legacy Planning Ms. Nike Anani, Co-Founder – Africa Family Firms & Nike Anani Practice Mr. Atiq Anjarwalla, Senior Partner - Anjarwalla & Khanna Mr. Gregor Pannike, Managing Partner – Agema Analyst Prof. Rupert Merson, Consultant – Agema Analyst

Panel Discussion:

This session focused on Family Businesses and Succession Planning which has been a challenge for many African families, as alluded to earlier, a family business works as an excellent vehicle for succession planning. However, a family leader needs to plan strategically for the family business to run even after they are gone, to avoid the single story that family businesses do not last.

Here is why, one of the most significant risks of having a family business is that the family may grow faster than a business, and you could have a "cousin consortium," as Ms. Tsitsi Mutendi of the Africa Family Firms & Nhaka Legacy noted. A cousin consortium brings varied views and experiences to the table, which can be beneficial or detrimental to the business but from known statistics on the African continent, this varied experience of extended families is often detrimental.

The second most significant risk to having a family business is having children who go abroad and who may not want to take part in the business.

So the question is, How do you overcome these challenges to build a family legacy?

Working With Professionals A professional wealth advisor will seek to bring the family together to find a good working solution.

Prof. Rupert Merson, Consultant of Agema Analyst, shared that when faced with a family disagreement challenge, he ensures the most respected family member is present at every meeting to bring order and peace during meetings.

The most important trait a wealth advisor who's delicately balancing these family issues should have is empathy and lots of patience to offer the best type of solution. But most importantly, the advisor should seek to fully understand the family and culture dynamics to provide the best working solution, as Mr. Gregor Pannike, the Managing Partner at Agema Analyst, pointed out.

So, when looking for the best professional to harmonize your opinions to keep the family business running, look for someone with these qualities.

Find out more about the intricacies of building a family business in the panel discussion by watching the video on https://youtu.be/VCnICkkAnVY

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OUR TRANSACTION ADVISORY SERVICES ARE UNMATCHED.

Regal Africa Consulting Group is a boutique Investment Advisory and Management Strategy firm, that offers Transaction advisory and Strategic advisory services in East Africa.

We are an independent firm with a network of investors, lending institutions and other partners,which helps us provide the most optimal cost of capital for our clients. We work with highly scalable businesses to plan for and acheive growth. This always requires a customized approach - we tailor our work based on individual business requirements in order to achieve the best results in the most cost effective way.

We ensure that our financial and strategy recommendations are based on the best options in the market.

Mergers & Acquisitions Capital Raising Corporate Restructuring Company Strategy & Innovation Market Research & Analysis Executive Training Regal Africa Group 4th Floor Top Plaza, Kindaruma Rd, Nairobi, Kenya P.O. Box 40187, Nairobi 00100 Tel: +254 0714 009 065 www.regalafrica.co.ke info@regalafrica.co.ke

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Keynote Speech Creating Wealth Session: “Creating wealth for all Africans”

By Mr Sundeep Raichura, CEO – Zamara Group “Financial Planning is an important step in Wealth Creation”

Mr. Sundeep Raichura Keynote Speaker

Financial Wealth is your net worth and it is the measure of how much you own less what you owe.

Basically your Financial Net Worth = Value of assets - Liabilities. However, in African terms, as Mr. Sundeep noted, wealth means the amount of cash-at-hand you have and the number of assets you own, particularly in land and property. So, trying to broaden the meaning of wealth in the African continent will go a long way in ensuring Africans create sustainable wealth for themselves, which is this conference's goal.

Let's unpack how Africans can build sustainable (generational) wealth.

Creating Sustainable Wealth When you create sustainable wealth, it means that you've met your life's goals and have adequate financial security for you and your family, which can be equated to having financial wellbeing.

Well-being is often confused with wealth, but there's a distinct difference between the two. Wealth is everything you possess materially, while wellbeing encompasses everything around your life, including your possessions. Therefore, striving to attain financial wellbeing over and above being wealthy is the best way to create generational wealth. So, what do you need to consider to have financial wellbeing?

Financial Wellbeing Mr. Sundeep noted that there are three forms of wellbeing: physical, mental, and financial. He painted a picture of the factors you need to consider to ensure you're living a fulfilled life while still creating and preserving your wealth to take care of your family and yourself in the future.

“Financial Planning is knowing what you do want and how do you get here, you need to be intentional and deliberate so as to achieve your financial goals” Here's a table showing what to consider for each form of wellbeing.

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PHYSICAL

MENTAL

FINANCIAL

Fitness

Excercise

Investments and Estate Planning

Weight Management

Dealing with Social Climate

Structuring life benefits over your lifecycle

Nutrition

Overcoming Challenges

Understanding Savings options

Disease Prevention

Sress management

Budgeting

Steps to Achieving Financial Wellbeing

Research shows that less than 1% of Africa’s population can be considered wealthy and less than 5%, comfortable. How then do you build sustainable wealth and be part of this statistic?

Step #1: Plan Ahead

As Mr. Pius noted earlier, having a grand vision for your wealth is excellent but also taking the right steps to preserve and sustain it will make it genuinely generational. This is where you work with professionals to build a portfolio that doesn't only give you good returns but also allows you to absorb or avoid risks associated with inflation and market changes. That being said, planning helps you to recognize that your needs and wants change with age. What you viewed as important when you were younger may not be as essential when you get older.

Also, your risk appetite changes with age, so a financial advisor may strongly advise against getting into investments with so much risk when you're older because you don't have the capacity to take or absorb it.

Step #2: Identify Opportunities and Take Advantage of Them Fast

Just like Mr. Flick mentioned earlier, getting into the right industry at the right time will allow you to create wealth fast. Currently, the biggest opportunity is in the tech sector, where so many people are becoming billionaires almost overnight, which you can tap into.

Besides business, investments also follow this same principle alluded to by this step. Identify investment opportunities that give you more returns and take advantage of them. Mr. Sundeep pointed out that an investment’s returns should contribute to three-quarters of your savings. There’s a caveat to taking advantage of the opportunities you find. You should be well prepared to take advantage of the opportunities. Because doing the right thing the wrong way will be detrimental to your goals.

Therefore, do due diligence to understand the industry or investment you want truly. Then seek advice from professionals who have a wealth of experience and can offer fact-based advice.

This way, you’ll be assured of making the best financial decisions meant to help you attain financial wellbeing.

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Step #3: Acquire Knowledge and Skills The best way to build wealth is learning something new every so often, whether that’s adding a new skill or improving an existing one. It was noted that conferences like the “Africa Wealth Conference” will give you a leg up in making sound investment decisions. But you should also work with professionals to get bespoke advice.

Remember you need to “Invest For your Future” and plan for retirement Watch as Mr. Sundeep Raichura dives deeper into this to show you how to attain financial wellbeing.

https://youtu.be/Kt2FzMS9b8I

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Panel session 4: Savings & Investing (Financial solutions) Moderator: Ms. Pam Mutembei Panelists: Mr. David Kanyi, Manager - Capital Markets Authority, Kenya Ms. Nancy Mutugu, CEO – United Women Sacco Mr. Stanley Mutuku, CEO - CIC Asset Management

Panel discussion

The panel discussion focused on Saving and investing and it was stated that people save for many reasons. The most significant ones include saving for emergencies, children’s education, retirement, and getting better credit scores.

Although there was a significant increase in savings during the pandemic, as Ms. Nancy Mutugu, CEO – United Women Sacco, noted, most Africans don’t save. Therefore they miss out on so many opportunities because of this.

So, how do we encourage a saving culture to allow more Africans to enjoy the opportunities associated with it?

Encouraging a Saving Culture Mr. Stanley Mutuku, the CEO, CIC Asset Management, pointed out that the way to improve our saving culture is by constantly educating people on the benefits of savings.

To this point, he added that working with the government and the Capital Markets Authority to include saving as a topic in the school curriculum can be a game-changer. Because it’ll mean that people will start learning from a young age about savings and normalizing it for all.

Ms. Nancy Mutugu noted that the best way to encourage savings, especially for millennials and the younger generations, is by enticing people to dream. But more than that, show them how savings can make their dreams a reality.

Mr. David Kanyi, who was representing the Capital Markets Authority, pointed out that parents should start teaching their kids about savings and their importance at home. Adding to that, he noted that financial providers should embrace technology to ease the accessibility of their products.

This way, they’ll make it easier for people to save wherever they are.

So the question is, once people get into the habit of saving, how do they make it consistent enough to build sustainable wealth?

How to Save Sustainably Drawing from Mr. Sundeep's presentation on financial wellbeing, the panelists pointed out that to save sustainably, you'll need to...

First, live within your means to avoid drowning in debt. They insisted that you should only get good debt (a loan to finance something that will offer a good return on investment).

Secondly, you should understand the stage of life you're at and the needs and requirements

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you'll have then. Because as stated earlier, the needs you'll have at different stages of your life will differ and will determine how you'll save and how much to get the best returns.

However, it's crucial to realize that saving isn't a "get rich quick" scheme. It requires patience to get the very best of returns, thanks to compound interest (more on this later).

Finally, you should set clearly defined goals (the reason for saving) to motivate you to save even more. And your goals will guide you to pick the right vehicles so you can achieve them faster. The Role Capital Markets Authority (CMA) Plays Saving often goes in tandem with investments. Because to get excellent returns on your savings, you'll have to pick high-yielding investment vehicles.

These investment vehicles need to be regulated to reduce the risk of people losing money to unscrupulous individuals and Ponzi schemes, which is where the Capital Markets Authority as a regulator comes in.

Essentially, the CMA conducts compliance checks to ensure fund managers and other investment vehicles adhere to all regulations set. They also have a whistleblower portal where you can report unlicensed and unscrupulous companies.

CMA also conducts fraud investigations to ensure no company is squandering investors’ hard-earned cash. But most importantly, they seek to educate investors on the investment opportunities available and how they can take advantage of them through public awareness and investor alerts.

So, if you invest in a well-established and licensed asset management firm, you can rest easy knowing that it is highly unlikely that you will lose your money.

What Investment Options Are There in Kenya?

In Kenya, just like most places globally, you can invest in either long-term or short-term investment options. Long-term investments are those that you set your money aside for more than three years, while for short-term, you’ll invest for less than three years. Long-term investments tend to give higher returns than their counterpart because they counteract the risk associated with them over a long period, giving more returns. Long-term investments include property and stocks. Short-term investments include unit trusts and REITs. Over and above investing, you should take steps to preserve your wealth, so having insurance policies is advisable. Some of the most important covers to have are medical and life insurance.

Because medical expenses tend to be emergencies and trying to sell off some of your assets when they occur doesn’t always pan out well. In the same way, if you die, a life cover will ensure your family doesn’t struggle with all the bills associated with the death and funeral arrangements.

Follow this panel discussion to understand more about savings and investment, and the financial solutions like SACCO’s and Fund Managers. You can watch the video at https://youtu.be/p-08pPzVKlE

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do you know regal diaspora services?

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Panel session 5: Asset Management & REIT Management Moderator: Ms. Wangeci Gitata-Kiriga Panelists: Mr. Kenneth Masika, Chairman – REITs Association of Kenya Mr. Einstein Kihanda, CEO - ICEALION Asset Management Ms. Elizabeth Irungu, General Manager - ICEALION Asset Management Asset management means managing investments on behalf of others. The people who take up this role (asset management) are known as fund managers.

Ms. Elizabeth Irungu from ICEALION Asset Management defined fund managers as licensed professionals who invest on behalf of an investor using a research-based approach to get the best returns in the market. She spelled out exactly what a fund manager does to achieve this, which included investing in diversified assets to spread out risk and monitoring an investor’s portfolio daily to get ahead of any unfavorable trends. They’ll get ahead of unwanted risk because they track and control risk to mitigate your portfolio against it. But most importantly, they give you regular reports to check the health of your investment portfolio. She went on to point out the importance of trusting professionals like these fund managers to watch over your investments.

Why Do You Need Professional Money Managers?

Elizabeth stated that fund managers use research to make investments, so you’re assured that your investments will often yield higher returns. But the best part is that your investment is covered against professional negligence, which assures you of the safety of your money. Also, since the money managers are regulated, you’re assured that the CMA will act as a watchdog to ensure the fund managers don’t mess around with your savings. So, the most critical aspect when saving with a fund manager is how safe and secure your funds will be. However, with so many money managers in the market, how do you select the right one for you?

Finding the Right Fund Manager Ms. Elizabeth shared a simple and effective method to help you choose the perfect fund manager for your needs. She called it the 4Ps + T approach. This is where an investor should focus on the the fund managers People, Process, Philosophy and Performance People: You need to ensure that the people working for the company are qualified, ethical, and have experience in the market they’re in.

Process: The fund manager should have a well-documented and fact-based process of investing.

But, most importantly, they should have checks and controls to ensure they’re making the right investment decisions to offer you good returns.

Philosophy: The company should have a clear philosophy of how they invest, which shouldn’t be speculative. So, the firm you choose shouldn’t promise guaranteed returns without giving a precise method of how they’ll fulfill this.

Performance: This ties in nicely with the philosophy because the company should have a verifiable process showing what they’ve achieved with their philosophy.

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Terms and Conditions Confirm that the terms of engagement are in your favor and that your rights are not infringed.

You can learn more as Ms. Elizabeth explains more on the benefits of using fund managers and how to choose the right investments for you by watching the Youtube video at

https://youtu.be/jN-8Bfj3858

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REIT Management Panel discussion

Mr. Kenneth Masika, the Chairman at REITs Association of Kenya, defined a REIT (Real Estate Investment Trust) as a structured, collective investment in real estate. He went on to point out that only three types of REITs exist in Kenya. These are an Income REIT, which is an investment in income generating properties; a Developments REIT, which is an investment in property development projects; and the Sharia Compliant REIT, which is an Income REIT that complies with Islamic investment rules. Mr. Kenneth stated that there are only two registered REITs in Kenya currently: Fahari Income REIT and Acorn Holdings Africa’ REIT that deals with both the income and development REITs. Why Should You Invest In a REIT? Mr. Einstein Kihanda, The CEO of ICEALION Asset Management, explained the importance of having a REIT in your investment portfolio. Here are some of the most significant benefits he noted. Unlike owning actual land, investing in a REIT makes your cash secure because you can liquidate it quickly if you need emergency funds and not make a loss while doing it. What's more, a REIT, unlike actual property, allows you to diversify your assets such that you can share the risk associated with a non-performing asset with other investors, so it doesn't weigh heavily on you alone. Also, a REIT is accessible to any investor, even those with little to invest in the capital intensive Real Estate sector.

But the best part is that you'll get tax advantages on your returns, especially if you decide to sell your shares, and that's on top of getting guaranteed steady returns from an Income REIT. A REIT is managed by a REIT manager who is regulated by the CMA, so you're assured that oversight is done regarding acquisition, disposal and management of the Real Estate property.

How Do You Invest In a REIT? Mr. Einstein elaborated that you should invest in a REIT, especially the Fahari REIT, through a licensed trustworthy stockbroker. You can learn more on REITs and their benefits on this panel discussion by watching the Youtube video at

https://youtu.be/jp77cXamvSQ

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Panel session 6: Entrepreneurship and Wealth Creation Moderator: Ms. Wangeci Gitata-Kiriga Panelists: Ms. Sethebe Manake, Founder – Vantage Properties Mr. David Fisayo, Co-Founder – Wealth8

Panel discussion

At the beginning of the panel discussion, some intriguing statistics from the World Trade Organization and Kenya Association of Manufacturers, were shared by the moderator, Wangeci Gitata-Kiriga.

According to the WTO, MSMEs represent 95% of all businesses globally, meaning that they offer 60% of the overall employment worldwide. In Kenya, according to KAM, MSMEs contributions estimate 40% of the economy’s GDP. Entrepreneurship is not always perceived as a lucrative venture by the baby boomers, while millennials have overemphasized and almost diluted the meaning of entrepreneurship. So, Wangeci sought to truly understand what it means to be an entrepreneur from two established entrepreneurs.

Mr. David Fisayo, the Co-Founder, Wealth8, left the corporate world (After working for KPMG) to get into entrepreneurship after seeing an opportunity to bridge a gap between investors and global investment opportunities through technology.

Ms. Sethebe Manake, the Founder of Vantage Properties, left the corporate world (In various leadership positions in the Real Estate and Financial Services industries) to give investors more data-based advice when they are looking for investable real estate in Botswana.

What Does It Take To Be an Entrepreneur?

Mr. David pointed out that to be a successful entrepreneur, you need to learn and adapt to change constantly.

He gave a three-step process of achieving success from the very start of the journey, which he called the 3S approach. This means Start, Solve and Speech.

Start: The first step is to start where you are to try and make your dream a reality. So, find the most practical steps to take your ideas from paper or mind to actual moving parts.

Solve: Identify a problem that you can solve and build your company around this. That means that your sole focus will be on solving the problem and not providing a solution. This way, you’ll speak to your customers better to understand their needs.

Speech: Knowing how to communicate to your customers is the best way to succeed. So, you need to engage with them and understand their language better to speak to their problems (when offering your solution) in a way they can understand.

Ms. Sethebe advised potential entrepreneurs that they should be self-motivated. She equated this motivation to “having a goal that can wake you up to work on a rainy day with no money in the bank”.

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How the Pandemic Has Affected Their Businesses As David commented that adaptability is the only way SMEs can succeed, Wangeci sought to determine how these two entrepreneurs adapted to the pandemic. Ms. Sethebe noted that the pandemic fast-tracked the use of their online platform as more people moved online to find the information they needed. Mr. David also pointed out that as a tech business connecting investors to opportunities, they saw a rise in the use of their platform as more people sought to save more.

So, in essence, the pandemic has built a demand for more digital products in the market, so SMEs have to be more innovative to survive. In fact, Mr. David created a new service line because of a client inquiry from Romanian, that wasn’t in their initial scope of business as a company operating in London.

Ms. Sethebe also had an exciting inquiry from Japan who wished to get more information to invest in Botswana real estate.

Watch on to find out more about the entrepreneurship journey and how to navigate it to be successful. https://youtu.be/avMmrfq-Iww

Scan to watch the youtube Video for the Panel 6 Session:

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Keynote Speech Diaspora Wealth Session: "Africa Diaspora Role in Africa Economic Development". By Dr. Beatrice Lukose, CEO WealthFest Africa

“Life is 20% tactical and 80% mindset” - Dr. Beatrice Lukose Dr. Beatrice Lukose (often referred to as the Queen of Communication) is a serial entrepreneur running various successful brands. She is the founder of Mindflix Media, the founder and CEO of Motivat School of Life and Business, the Co-founder of iMotivat Solutions, the CEO of WealthFest Africa, the European Coordinator of Women in Business Network, among other achievements. As the Diaspora Keynote Speaker, she stated that for the Diaspora to start to create wealth in Africa they need to transform their mindset. She pointed out the 3 Cs approach which you can implement when creating generational wealth, especially for a global brand. The 3 Cs approach is driven by her powerful motto: “Get Set Go–-Make it happen!

The 3Cs Approach Build Character through resilience, Character speaks to your money mindset.

Three things can affect your mindset about money: what you heard about how to deal with money (verbal), how you’ve seen people around you deal with money (visual), and how you’ve dealt with your money to this point (experience). So, overcome your fears about money or your ideas and the need to procrastinate on taking action to build excellent character. This way, you’ll be resilient, even when met with problems and achieve the goals you set.

Work on Communicating Effectively Build your brand (both personal and business) through effective communication. This way, you’ll be able to articulate clearly what you want and also explain to your customers how you can help alleviate some of the pains they’re experiencing. So, you’ll speak to your customers’ problems, and they’ll view you as the perfect resource for their needs.

Develop Connections Constantly Networking is the most straightforward way to grow your business, especially when you’re new in the market or industry. So, seek to connect with people you can collaborate with to achieve your goals. But more importantly, leverage technology in your business to reach a broader scope of people with whom you can build good connections. And in doing so, you’ll scale your business to heights you didn’t think were possible. Ultimately, your wealth can only grow to the extent you do. So, work on yourself, especially on changing your mindset about money to create generational wealth. Overcome your fears about money or your ideas and the need to procrastinate on taking action to build excellent character. This way, you’ll be resilient, even when met with problems, to achieve the goals you set. You can watch the Keynote Speech at https://youtu.be/GBb5owPChfA

Scan to watch the youtube Video for theKeynote Diaspora Wealth: AFRICA WEALTH

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Panel session 7: Organizing the Diaspora to invest in Africa Moderator: Ms. Rachel Mwakazi, DDialog Norway Panelists: Dr. Lucy McKenzie, Chair – Kenya North America Diaspora Sacco Ms. Joy Zenz – African Women in Europe & AWE Sacco Mr. Kenneth Gbandi – African German Information Center Mr. Ifeanyi Jemie – Africa Chamber of Digital Commerce Panel discussion The panel discussion started with asking why the Diaspora needs to organize so that they can invest effectively in Africa. People living in the diaspora often dream of investing back home, whether individually or by supporting businesses in the continent. And there have been many failures because people have similar interests but work separately to make them a reality.

During this panel discussion, the panelists pointed out how the diaspora can work collaboratively and more closely to invest in Africa and get better returns. To this point, Dr. Lucy McKenzie, Chair of the Kenya North America Diaspora Sacco, and Ms. Joy Zenz of the African Women in Europe & AWE Sacco shared how working collaboratively in a Sacco has immensely helped their members: Make safer investments because the company takes the time to do extensive research on an investment before getting into it. Get credit with better interest rates from the Saccos loans to grow their businesses and achieve other investment goals.

Dr Lucy McKenzie did share that the future of Diaspora investments is broad as the Diaspora can collectively lend to the African government to reduce the overdependence on international loans and the investors can earn a reasonable return.

Mr. Kenneth Gbandi of the African German Information Center pointed out the difficulty with working with African governments. He gave an example of a housing project he wanted to do in his home country, Nigeria, that wasn’t successful when collaborating with the government but they began to work on it on a smaller scale and it became successful when he teamed up with other investors in Diaspora who were of likemind. He did say that even though working with the government would help ease the tax burden, it may not be practical right now. He stated that if the people in the diaspora still want to work with African governments, they could start by sending remittances back home that can be used for various existing projects in their home country. He also recommended that the Diaspora share knowledge and skills with the people on the continent to get more growth and contribute to the continent’s economy.

Investments for People in the Diaspora It was shared that most people in the diaspora often look into investing in land and developing it or agribusiness, which is where most people have lost their hard-earned cash to unscrupulous individuals and unfaithful family members. To avoid this, the panelist advised on working collaboratively to invest.

Because most often, people responsible for overseeing the groups or companies formed will conduct thorough research into an investment vehicle because they also have a vested interest.

This way, as a member of the group, you’re assured of getting good returns on your money.

Dr. Lucy McKenzie pointed out that having the CMA and NSE work with these diaspora groups to inform them on other investment options can propel their members’ returns while contributing to

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the country (through taxes).

Watch as these panelists dive deeper into this discussion.

https://youtu.be/LYrUkoWdKOs

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Panel session 8: Real Estate development and property management for the Diaspora Moderator: Anne Gaitha, Regal Africa Group Panelists: Ms. Emma Miloyo – Building in Kenya, Architect, Design Source Ms. Xoliswa Daku, CEO – Daku Group of companies Mr. Donald Gichane, CEO – Beulah City Mr. Julian Kyula, Chairman – Beulah City

Panel discussion

The recurring observation is that most people in the diaspora have a keen interest in investing in real estate in the continent. Ms. Emma Miloyo of Building in Kenya, Architect, Design Source, noted that aside from the traditional way of buying land, most people in the diaspora have been investing in real estate development through family members and she noted that there are more ways that are much safer and rewarding when developing a property. She suggested that before investing in real estate, which is often capital and time-intensive, you should first take the time to think things through.

She explained some fundamental factors you should consider, like your risk appetite, how much capital you have, the time you have, and how much involvement you want in the investment. These factors will help you determine whether you will develop the piece of land you buy, buy an already existing building, work with others to develop a commercial property, among other considerations.

But more than that, you should know why you want to invest in real estate because it will determine the method of investment you’ll use.

Having all this information will help you avoid the frustrations that most people in the diaspora are having with their family and they can get the higher returns on their investment through a professional service provider..

Property Management and Development for People in the Diaspora It was highlighted that since the Diaspora are not on the ground and they may not want to work with family based on many disappointments by unscrupulous individuals, it is encouraged that they work with a good property manager and property developer. A good property manager will do all the hard work of managing, maintaining the property and a good property developer can assist you to ensure that your development is on time and per budgeted cost. It was noted that an investor needs

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to be careful when selecting a company and that an investor needs to work with credible companies that may have significant experience, who should use a data-backed approach to make you returns, and who gives you regular reports to keep you up-to-date with the progress.

Real Estate Investment in Kenya Beulah City is a Real Estate company in Africa that's seeking to do property development and management differently in Kenya. The company was founded because its founders experienced the same frustrations as most people in the diaspora when they tried working with African real estate companies. So, they decided to build a company that would work diligently to revolutionize the real estate market in Africa.

Mr. Donald Gichane, the CEO of Beulah City, compared the real estate business in the diaspora with the one in Kenya and pointed out one crucial detail:

“In our research, we realized that population drives quality. If people demand quality from developers, they’ll get exactly that.” - Mr. Donald Gichane, Beulah City.

Mr. Donald and his partner, Mr. Julian Kyula stated that they will focus on offering more information and real-time data through technology to allow investors to keep up with the latest reports and developments. What’s more, they’re avoiding having an overreliance on individual investor’s deposits for development because they’ve seen this method lead to projects stalling. And are instead working with long term investors to provide the capital for development. The Diaspora opportunity is for investors to buy multiple units of the affordable housing that are located in prime arrears and that are priced well as investment opportunities with quality finishing.

Real Estate Development in South Africa Ms. Xoliswa Daku of the Daku Group of companies noted that in South Africa, investors could take advantage of all the government incentives offered to develop the land. Some of the most significant incentives include grant funding, government bonds, and subsidies. She also noted that you could buy government land for development at very affordable prices, which saves on the development costs. The best part about investing in real estate in South Africa is that there is a high demand for houses, especially around the big cities. Another closely related sector investors can tap into is the development of manufacturing systems in South Africa. Because half of the materials you need to develop land are imported from neighboring countries. Xoliswa noted that investors could grab this opportunity to work with local companies and bridge this gap.

Watch all the panelists give more insights into how you can tap into real estate safely and still earn high returns. Youtube https://youtu.be/5qGFE5WRVg4

Scan to watch the youtube Video for the Panel 8 Session:

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Panel session 9: Diaspora investing in operational businesses in Africa Moderator: Anne Gaitha, Regal Africa Group Panelists: Mr. Wilmot Allen, Founder – VentureLift Africa Mr. Segun Adeyemi - Fintech Expert Ms. Fridah Ntarangwi, Founder – Zidi Circle Ms. Tareian King, Founder - Africa Wealth Alliance

Panel discussion

The discussion focused on how the Diaspora can invest in operational businesses in Africa even though they are not on the ground to operate them. Investors in the Diaspora can identify businesses they would like to start in their home country, start it individually or as a group. Alternatively, they can partner with local businesses that have similar interests.

To this point, Ms. Tareian King of the Africa Wealth Alliance noted that as a person seeking to start a business in your home country or Africa in general, there are crucial factors to consider. These factors include how feasible the business idea is. Here you figure out if there is demand for your product or service and what prices to set to earn a decent return.

Most importantly, what partnerships can you build with existing businesses to not create a company from scratch. As Ms. Fridah Ntarangwi of Zidi Circle rightly pointed out,

“You don’t have to reinvent the wheel, just join the dots and collaborate more.”

Another element to consider is the laws and regulations governing businesses in your country of choice and how they relate to those in your resident country. Then figure out how these laws and regulations will impact your business. Lastly, figure out the level of involvement you want to have in the business. Do you want to participate in the day-to-day operations or just have an arms-length position? But with the high rate of failing businesses and ideas not turning into reality, successful entrepreneurs need to bridge the gap.

Bridging the Entrepreneurship and Investor Gap Ms. Fridah, through her company, Zidi Circle, aims to empower entrepreneurs and investors with adequate information they can use to make informed decisions. So, through intensive training and coaching, Zidi Circle seeks to equip entrepreneurs to transform their ideas into working and operational businesses in their home countries. But more importantly, make them investor-ready so they can receive the very needed capital for their businesses. Additionally, they give investors the tools to invest and get good returns from investable businesses that already have their house in order.

In the same fashion, Mr. Wilmot Allen of VentureLift Africa works collaboratively with companies in Africa through his online platform that uses technology to offer solutions in the African market by linking businesses to investors and advisors.

The panelists agreed that technology works very effectively at matching African SMEs to Diaspora investors by sharing real-time data and information. This way, it makes it easier to match people with similar interests. Entrepreneurs can also work with the government and other stakeholders to engage the Diaspora efficiently. And also, be more open to collaborations.

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Watch the panel discussion to understand how you can invest in operational businesses in Africa when living abroad. https://youtu.be/XSh9phXDv-o

Scan to watch the youtube Video for the Panel 9 Session:

Africa Wealth Conference - Event Results Unique registrations (Total 1385 registrations)

Pre Conference registration - 1223 delegates Event day registration - 162 delegates

Registration Private Wealth session - 541 registrations Creating Wealth session - 1063 registrations Diaspora Wealth session - 613 registrations

Attendance Zoom Attendance - 575 delegates YouTude Live stream Attendance - 281 delegates YouTube post event Engagement - 1207 video views .

Event day attendance - 856 delegates Total Viewership - 2063 Zoom Private Wealth Attendance - 169 delegates

GENDER

TOTAL

Female

72

Male

78

Unregistered

19

Grand Total

169

Zoom Creating & Diaspora Wealth Attendance- 406 delegates

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GENDER

TOTAL

Female

157

Male

99

Unregistered

150

Grand Total

406

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DEMOGRAPHICS Conference Registration

Private Wealth Attendees

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LOCATION

TOTAL

African Diaspora

12

Central Africa

5

Diaspora

1

East Africa

107

North Africa

2

Other

3

Southern Africa

6

West Africa

17

Unregistered

16

Grand Total

169

Creating wealth and Diaspora Wealth Attendees

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LOCATION

TOTAL

African Diaspora

26

Carribean

1

Central Africa

8

East Africa

173

Other

16

Scotland

1

Southern Africa

15

United States

3

West Africa

19

Unregistered

144

Grand Total

406 Age

What age group are you?

1200 Responses Under 35 Years Over 35 Years

Under 35 years - 51.2% Over 35 years - 48.8%

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Gender What age gender are you?

1200 Responses

Female Male

Male- 43.7% Female - 56.3% Analysis of the conference attendance The Private Wealth Session had a greater number of men compared to women in the session and many of the participants were from the East African Region followed by West Africa and the Diaspora.

The Creating Wealth and Diaspora Wealth Session had more women than men who attended and an increase in Diaspora participants, with the majority under 35 years.

KEY Conference Quotes: By “Anne Wambui Gaitha, Founder and CEO Regal Africa Group” ”It has never been a better time to create wealth in Africa as an African, So Listen, Learn and Level UP” “Leaving a legacy involves educating the next generation on the values and responsibilities of managing wealth and respecting and honoring the hard work put in to achieve Family Success”.

“Leaving a legacy means ensuring that the family wealth is managed well and transferred to the next generations effectively by ensuring Legacy of Wealth and Legacy of Purpose” “We create wealth through Business Income and Investments, now learn how to manage your wealth to ensure that you leave a legacy for generations to come” “Africa has great minds and resources and it is time its people come together to collectively work towards wealth building and economic development”

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LOOKING FORWARD TO CONNECTING NEXT YEAR 2022, FOR THE SECOND ANNUAL AFRICA WEALTH CONFERENCE

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