South Africa, Egypt, Nigeria, Morocco, Kenya are the wealthiest country in Africa according to the latest instalment of the AfrAsia Bank Africa Wealth Report.
South Africa, Egypt, Nigeria and Morocco lead the pack on the total wealth table at US$722 Billion, US$330 Billion, US$253 Billion and US$122 Billion respectively.
The report defines total wealth as private wealth held by all the individuals living in each country. It includes all their assets such as property, cash, equities and business interests less any liabilities.
In first place is Johannesburg at $276 billion, followed by Cape Town at $155 billion with Cairo coming third at $140 billion.
In fourth place is Lagos at $108 billion followed by Durban at $55 billion.
Next is Nairobi with its wealth valued at US$54. In seventh place is Luanda at $49 billion followed by Pretoria, Casablanca, and Accra at $48 billion, $42 billion, $38 billion respectively.
Mombasa comes at a distant 23rd with wealth valued at $8 billion.
The report projects that total individual wealth held in Africa currently amounts to around US$2.3 trillion. This figure is expected to rise by 34% over the next 10 years, reaching US$3.1 trillion by the end of 2027.
“We expect Mauritius, Ghana, Rwanda and Uganda to be the strongest performing wealth markets in Africa during this period (90% to 150% growth rates).,” reads the report.