The fifth edition of our webinar series, Conversations on Wealth Management: Trends and Dynamics Shaping the Lives and Legacies of Affluent and High-Networth Individuals, was held on the 27th of February 2025.

The conversation centered on “Wealthy African Families and Generational Wealth-Matters Arising, with emphasis on inheritance planning, estate planning, succession, wealth transfer, and the impact of cultural, legal, and religious influences on wealthy African families.

Our expert panel comprised renowned professionals and thought leaders within the wealth management field. You can view the speakers’ bios here.

Key insights from our speakers aimed at affluent individuals, wealthy families, and advisors seeking to preserve wealth, families, and legacies.

How do cultural beliefs influence wealth succession planning in African families, and some of the most common challenges

Cultural beliefs play a  role in shaping wealth succession planning in African families, influencing how assets are transferred across generations. These beliefs are deeply rooted in traditional inheritance systems, such as matrilineal and patrilineal structures, which dictate who is entitled to inherit wealth and how it should be distributed.

In many African societies, wealth is often viewed as communal rather than individual, making succession planning a complex process. As ones business continues to blossom, governance, succession planning and wealth transfers becomes necessary structures for one to put in place being  Intentional in planning for succession  is therefore essential. Within various cultural contexts, particularly in regions with diverse ethnic groups, traditional inheritance structures—such as matrilineal and patrilineal systems—significantly impact wealth distribution. These systems shape societal beliefs regarding ownership and inheritance . Listen to Mary Asante Speak More on this here

How Colonial and Religious Influences Have Altered Traditional African Inheritance Practices

Mary Asante, discussing the impact of colonial and religious influences on traditional inheritance practices, noted that external influences have shaped societal structures in complex ways. Over time, various factors have contributed to these transformations, with socialization playing a role in shaping individual perspectives based on their environments.

The effects of colonialism are evident across many aspects of society. Legal frameworks, for instance, were not originally part of traditional governance structures. Before the colonial era, societal order was maintained through customary practices, including oral agreements regarding inheritance and assets ownership. Today, these informal systems have been largely replaced by legal documentation, such as wills and land certificates, introducing a structured approach to governance and property rights. The legal system now provides a formalized method for resolving disputes and ensuring compliance with established regulations.

Religious influences have also played a significant role in reshaping traditional inheritance structures. In many African societies,  Some religions  like Christian principles have encouraged the adoption of legal wills and equitable distribution of wealth among heirs, often promoting nuclear family inheritance structures over extended family-based systems.

For Muslims, Islamic inheritance laws significantly impact wealth distribution. These laws, rooted in the Quran and Hadith, provide a clear and fixed structure for dividing an individual’s wealth upon their passing. Unlike many Western or customary African inheritance systems, which allow for discretionary allocation, Islamic law mandates specific shares for heirs. Male heirs typically receive a larger portion than female heirs, based on the principle that men bear greater financial responsibilities within the family. Additionally, Islamic inheritance laws prioritize immediate family members, including children, spouses, and parents, while limiting discretionary bequests to non-heirs to no more than one-third of the estate.

This system ensures a balanced and structured approach to wealth succession, reducing potential disputes among beneficiaries. However, in some African countries, conflicts arise when statutory laws contradict Islamic inheritance rules, leading to legal battles or dual-application systems where families must navigate both religious and state laws. Some Muslim families also seek legal mechanisms such as Islamic wills (Wasiyyah) or trusts to align with both religious principles and local legal requirements.

Overall, the intersection of colonial legal structures and religious doctrines continues to shape inheritance practices in Africa. Understanding these influences is crucial for individuals and families seeking to balance traditional, legal, and religious considerations in wealth distribution.  Listen Here

Extended family members in African wealth succession and how do  they  impact asset distribution

Extended family relationships play a significant role in how wealth and assets are distributed in African societies. Inheritance matters are shaped by a combination of statutory laws, customary traditions, religious influences, and community structures. Often, extended family members influence these processes in ways that may not be anticipated until disputes or claims arise. Understanding these dynamics is crucial for effective wealth planning and asset protection.

Family structures differ across cultures. In some traditions, inheritance is primarily focused on immediate family members, such as children and siblings. However, in many African societies, extended relatives—such as cousins, uncles, and other members of the broader lineage—may also assert claims over family assets. When there are no documented family records or wills, tracing these relationships can become difficult, creating uncertainty over ownership and inheritance rights. Listen Here to learn more.

Contradictions between traditional, religious, and statutory laws when it comes to inheritance in African societies

There is no one-size-fits-all approach when it comes to wealth and asset distribution. It is essential first to understand one’s background and the factors that could potentially hinder the distribution of wealth.

Mary Asante, giving an example, stated that in Ghana, inheritance systems are influenced by cultural and familial traditions. On the father’s side, inheritance follows a matrilineal system, meaning wealth is passed down through the mother’s lineage. However, on the mother’s side, inheritance follows a patrilineal system, where wealth is passed down through the father’s lineage. This creates a situation where individuals may find themselves in a position where they do not fully belong to either side, thus requiring them to take a more independent approach. Listen Here

Families dealing with multiple heirs who have conflicting interests in family business or estate

Managing wealth can be challenging, especially without expert guidance. When multiple heirs are involved in decision-making, conflicts are almost inevitable. These disputes are not limited to specific religious or cultural backgrounds—they can arise in any family structure.

Inheritance discussions often focus on male-centric traditions where men are the primary beneficiaries. However, it is equally important to consider cases where there are no male heirs. What happens in a family where several successful women exist but no brothers?

In polygamous families, these complexities can become even more pronounced. Each wife may seek to secure her share of the late husband’s wealth, sometimes leading to disputes. In certain cultural settings, inheritance practices may exclude even the mother, further complicating the distribution of assets. Listen to Dr. Nkem Speak More on this Here

How Traditional African Inheritance Systems Impact Women’s Ability to Inherit and Control Family Wealth

Mary Asante, discussing the role of women in both traditional and modern settings—particularly in inheritance and wealth management notes that while progress has been made, some still believe that women do not belong in certain financial spaces. Changing such mindsets will take time, but the conversation must continue.

For instance, in Ghana’s patrilineal system, inheritance traditionally passes through the male line. One reason for this is that women, upon marriage, move into their husband’s family, leading some to question whether property should be passed down to women who may take it outside their paternal lineage. This practice is intended to preserve wealth within the male line and ensure it remains within the family.

Similarly, in matrilineal societies, inheritance follows the female line—from mother to daughter—but women often do not have full control over family wealth. Instead, male elders or ancestors within the lineage usually hold significant decision-making power, limiting women’s authority over inherited assets. Listen Here

Preparing the next generation as responsible stewards of wealth and leaders

Stewardship is a fundamental principle in the management and preservation of wealth. The approach and mindset with which individuals receive or inherit assets significantly impact their long-term sustainability. Stewardship is the responsibility of managing wealth not merely for personal consumption but with a long-term vision of preserving it for future generations. This perspective aligns with the principle of maintaining and growing assets rather than depleting them, ensuring their continued relevance and impact over time.

A foundational element of wealth preservation is instilling the appropriate mindset in stakeholders. Founders and wealth creators typically establish businesses with a clear purpose, whether to preserve wealth, create a social impact, or serve a broader financial or community-driven mission. It is essential to ensure that successors understand and commit to this vision, fostering a sense of shared purpose that guides decision-making.  Listen to Mary Asante Here