Market News

BY  Victor Oluwole

A second citizenship can open the door to better safety, security, education, and health outcomes. As some countries adopt sweeping changes to immigration laws, global citizens may seek to prioritise countries which honour the freedom of movement.

According to the latest World Citizenship Report 2024, Africa’s appeal as a top continent for second citizenship is fast becoming more of a movement to high-net-worth individuals around the world, and the reasons are clear.

As the report highlights, the HNWIs are no longer just looking for visa-free travel or tax breaks. Instead, they found that that HNWIs are looking to maintain a high standard of living and not only grow their wealth but guard it against future threats.

To determine the motivators that drive the need for a second citizenship, the researchers employed a mixed-methods research design to understand the reasons for seeking a second citizenship and the value of each factor.

Data from the global survey of HNWIs’ priorities indicated that ‘Quality of Life’ was the most important factor when considering citizenship for 36.9 per cent of participants.

When asked, ‘In what areas, if any, do you feel your current government is failing?’ respondents indicated that healthcare, environmental sustainability, and a competitive economy were needs that were not being met by their governments.

Safety and Security was mentioned as another motivating factor for second citizenship, as survey results showed that safety and security, which accounts for 25 per cent of a nation’s overall World Citizenship Index (WCI) score and measures the extent to which alternative citizenship can offer greater safety and security to the citizen.

Finally, the survey also highlighted that high-net-worth individuals (HNWIs) care deeply about currency stability and economic competitiveness. According to the report, HNWIs across the globe point to economic competitiveness as a specific shortcoming of their current governments,

So, if you’re a global citizen seeking the perfect blend of business, lifestyle, and adventure, here are the top 10 African countries to consider