The AfrAsia Bank Africa Wealth Report 2018 provides insights gathered by AfrAsia and New World Wealth, on wealth trends in Africa over the past 10 years.
“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. The likes of Mauritius, Ghana, Rwanda and Uganda are expected to be the strongest performing wealth markets in Africa during this period (90% to 150% growth rates)”.
According to the report, South Africa is the richest country in Africa with $722 billion, Egypt is second on the list with $330 billion, following close is Nigeria with $253 billion.
The wealth was arrived at by calculating the value of property, cash, equities and business interests. Liabilities and government funds were factored out.
The report also ranked Nigeria third richest country in Africa and richest country in West Africa. The country also has the 11th fastest wealth growth which was capped at 19%.
Mauritius had the highest wealth growth rate at 195%, Ethiopia 190%, Rwanda 74% and Tanzania 66%.
“Total wealth held in Africa has risen by 13% over the past 10 years (2007 to 2017) and by 3% over the past year (2017). Mauritius was the top performing individual market during both of these periods,” read the report below.
Top 10 Richest Countries In Africa, 2019
South Africa (1), Total Wealth 722 Billion dollars, As reflected, South Africa is ) is the main wealth management hub in Africa with US$82 billion in AuM (Assets Under Management).
Egypt, Arab Rep (2), Total Wealth 330 Billion dollars, according to the study, revenue in Egypt is boosted by a large luxury hotel sector.
Nigeria (3), Total Wealth 253 Billion dollars within the period of 2007 and 2017 Nigeria’s Wealth grew by 19% which when compared to Mauritius 195% is a meagre number.
Morocco (4), Total Wealth 122 Billion Dollars, despite recent instability, Morocco still had a 14% growth in wealth.
Kenya (5), Total Wealth 104 Billion dollars, Kenya is the fifth richest country in Africa and the richest East African country. Kenya was also ranked 4th best in wealth Growth.. Within the period of 2007 and 2017 Kenya’s Wealth grew by 73%.
Angola (6), Total Wealth 81 Billion Dollars, Angola also made the list of most promising emerging African markets for private banking going forward.
Ghana (7), Total Wealth 63 Billion Dollars, Ghana also made the list of most promising emerging African markets for private banking going forward alongside Angola, Kenya, Morocco and Mauritius. Ghana also performed better than Nigeria in terms of wealth generation. Within the period of 2007 and 2017 Ghana’s Wealth grew by 39% coated to Nigeria’s 19%.
Tanzania (8), Total Wealth 60 Billion dollars, Tanzania is the second wealthiest East African country. Tanzania was also ranked 4th best in wealth Growth.. Within the period of 2007 and 2017 the country’s Wealth grew by 66%.
Ethiopia (9), Total Wealth 60 Billion dollars, Ethiopia is the third wealthiest East African country. and the best in the region (East Africa) in terms of wealth Growth.. Within the period of 2007 and 2017 the country’s Wealth grew by 190%.
Cote d’Ivoire (10), Total Wealth 46 Billion dollars, with a wealth growth of 43% within the period of 2007 and 2017, Cote d’Ivoire also performed well in terms of wealth Growth even more than Nigeria..