Africa's Music Industry Jumps Ahead as Fastest-Growing Sector Since the Pandemic

Music surges past other sectors

Africa's music scene has been the continent's speedster since the Covid-19 shock, according to New World Wealth. By the firm's estimates, industry revenue climbed roughly 180% from 2020 to 2026, making it the fastest climber among major sectors. That trajectory beat out online gambling, fintech and green tech, underscoring how entertainment is pulling in new money and audiences across borders.

Artists expected to reach global audiences

Where the money is moving

New World Wealth forecasts Africa's millionaire ranks will more than double by 2040. South Africa remains the heavyweight, with 48,200 people holding at least 1 million dollars in investable assets as of June, representing about 38% of the continent's millionaires. Johannesburg still holds the top spot among African cities by wealth, though Cape Town is narrowing the distance and, on current trends, could move ahead by 2030.

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Why it matters for your portfolio

The bottom line: entertainment and fintech are poised to be the region's engines. Andrew Amoils, who leads the firm's research team, said, "Over the next decade, we expect the key wealth-creating industries in Africa to be fintech and entertainment," adding that he was pointing to gaming, music and film. For investors watching Africa, that means the growth narrative is increasingly tied to digital finance and culture-driven exports.

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