Wednesday February 8th, 2023
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Egypt is the Second Wealthiest Country in Africa According to New Report

Cairo is also one of the wealthiest cities in Africa.

Staff Writer

Egypt has the second-highest gross wealth in Africa, according to the Africa Wealth report of 2018.  Egypt recorded a total of $330 billion by the end of 2017, but was surpassed by South Africa who tops the list with $722 billion despite having around half of Egypt’s population. In third place comes Nigeria with $253 billion, followed by Morocco with $122 billion, Kenya with $104 billion, and finally Angola with $81 billion.

Total wealth refers to the private wealth held by all the individuals living in each country. It includes all their assets (property, cash, equities, business interests) less any liabilities. So it makes sense that, going with this methodology, countries with larger populations will score higher. Egypt is the third most populated country in Africa, behind Nigeria and Ethiopia.

It’s worth noting that 6 of the top 20 African billionaires are Egyptian; real estate, construction, and telecom moguls moguls Nassif, Naguib, and Onsi Sawiris, brothers Youssef and Yassin Mansour and ex- Fulham Football Club and Harrods owner Mohamed Al Fayed.

In the total wealth ranking for cities, Cairo ranks third, behind Johannesburg and Cape Town, which respectively only have 1/9 and 1/20 of Cairo’s population.

Cairo has a total wealth of $140 billion, compared to $276 billion for Johannesburg and $155 billion for Cape Town.

However, it’s not all roses; Egypt performed badly in wealth per capita, which divides total wealth by a number of people to estimate the average wealth of people in the country. In this list, Egypt ranked in 6th, behind Mauritius, South Africa, Namibia, Botswana and Angola.

To access the full report, click here.

Main image from Wikipedia