Friday September 29th, 2023
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Credit Suisse: Egypt Has 23,000 Millionaires

Egypt may be facing the toughest economic recession in its modern history but, look at the bright side – 23,000 Egyptians get to lead gold-plated lives!

Staff Writer

While Egyptians were busy complaining about austerity, the floatation of local currency, and rising fuel prices, Credit Suisse released their latest global wealth data report, according to Daily News Egypt, which found that Egypt has 23,000 millionaires – less than one percent of the population.

According to the report, Egypt’s share of global wealth is 0.2%. A total of eight people are worth over $1 billion – mainly from the Sawiris and the Mansour families, among others. The report also found that 10 Egyptians fall under the $500 million to $1 billion category; there are 142 Egyptians whose fortune is estimated to be somewhere between $50 million and $100 million; while 1,345 have a net worth between $10 million and $50 million. The remaining 21,495 millionaires fall under the $1-$10 million category.   

Regionally, Egypt is second to last, with 12,000 millionaires in Morocco, 35,000 in Qatar, 60,000 in UAE, and 70,000 in Turkey.