Friday June 14th, 2024
Download SceneNow app

Cairo is Home to 8900 Millionaires, Africa's Second Largest Number

With 8 times less millionaires than Cairo, Alexandria ranks 13th in Africa with 1,800 millionaires.

Staff Writer

Cairo is Home to 8900 Millionaires, Africa's Second Largest Number

In the 2017 edition of Africa Wealth Report by AfrAsia Bank, it was revealed that Cairo has the second largest number of millionaires on the African continent, coming 1 spot after South Africa's largest city Johannesburg, which topped the list with 18,000 high-net-worth-individuals (worth $1 million or more), Enterprise reports.

With 8,900 millionaires, 480 of whom are multi-millionaires, Cairo has almost 8 times more millionaires than Egypt's biggest port city of Alexandria, which has 1,800 millionaire residents, ranking 13th on the report. In total, Egypt has 18,000 millionaires, maintaining the second position behind South Africa.Morocco's biggest city Casablanca made the list at the 8th ranking, making it the only other North African city to make it to the top 10.

Despite the aforementioned ranking, the report specifies that Egypt has seen an 8% drop in the growth rate of high-net-value individuals over the past year, further forecasting that the growth will average at 0% until 2026, similar to Algeria and Morocco.

Interestingly enough, Egypt received 2,000 multi-millionaire visitor in 2016, and has 140 Egyptian multimillionaires who own or use private jets.

Despite being the 2nd wealthiest nation on the continent with $ 313 billion, Egypt ranked 5th in wealth per capita in Africa at $ 3,700 annually, coming in after Mauritius, South Africa, Namibia, and Botswana. Africa's richest nation is South Africa with total wealth of $  610 billion in 2016.View the full report here.

Main Photo: Perc Sparv/Getty