Why Wealth Doesn’t Stay in African Families

The one-generation curse, And what it really takes to break the cycle.

Photo by Morgan Housel on Unsplash

We’ve seen it too many times.

A patriarch rises , builds empires from grit, guts, and God. The name becomes known. The money flows. The kids live well, dress well, travel well. And then he dies.

And the entire legacy begins to unravel.

Not because there wasn’t enough wealth.
But because there wasn’t enough wisdom to sustain it.

Take the tragic case of the late Herbert Wigwe, former CEO of Access Bank, a titan of African banking, vision, and philanthropy. His death shook the continent. But in the shadows of public mourning, the age-old pattern reared its head: in-fighting, confusion, a scramble over assets, strained silence between once-close family members.

Or look at the Owekwe family, a name once tied to promise and power. But now? The whispers aren’t about their empire. They’re about the estate. The disagreements. The heirs who don’t speak. The potential lost not through poverty, but pride, poor planning, and painful entitlement.

So what’s going on?

Why do so many wealthy African families struggle to keep wealth beyond one generation?

The reasons are complex, but painfully common:

• The founder is the vision: Many families are built around a singular figure - a charismatic, driven parent who is the business, the strategy, the system. When they die, so does the clarity.

• Poor succession planning: Conversations about wills, trusts, and legacy are either avoided (out of fear or cultural taboo) or left too late. What should be documented is left to vibes and verbal promises.

• Entitlement over stewardship: The next generation often inherits wealth without the work that built it. And wealth that’s unearned is rarely respected - it’s spent, not sustained.

• No institutional structure: Wealth isn’t just money - it’s systems, governance, education, vision. When those are missing, even billions can bleed out.

So, what’s the way forward?

1. Normalise hard conversations: Talk about death. Talk about legacy. Talk about roles. It’s not bad luck, it’s stewardship.

2. Build structures, not just sentiment: Create trusts. Educate heirs. Write things down. Make the family name a system, not just a memory.

3. Train for succession, don’t just name it: Legacy isn’t genetic. It’s taught. Prepare the next generation with mentorship, not just money.

4. Think beyond the family: Sometimes, the best way to protect legacy is to professionalise it. Involve external governance. Keep emotions out of boardrooms.

Because real wealth isn’t just what you leave behind. It’s what continues to grow when you’re no longer there.

And Africa is full of empires waiting to last, if we’ll choose wisdom over ego, and planning over pride.