South Africa is continent’s wealthiest country ahead of Egypt, Nigeria – AfrAsia report

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South Africa has been ranked the wealthiest country in Africa with a total wealth of $722 billion as of December 2017, ahead of Egypt, Nigeria and Morocco.

This was contained in The AfrAsia Bank Africa Wealth Report 2018. The report covers wealth, luxury, prime property and wealth management trends in Africa from 2007 to 2017, with projections to 2027.

South Africa (1st), Egypt (2nd), Nigeria (3rd) and Morocco (4th) were ranked the top four wealthiest nations on the resource-rich African continent with $722 billion, $330 billion, $253 billion and $122 billion respectively.

It projected that total private wealth in the continent will rise by 34 per cent 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,” the report said.

South Africa, Angola, Morocco, Egypt, Ivory Coast, Tanzania and Nigeria, however, got less favourable predictions, although still positive.

Meanwhile, Ghana, which was ranked 7th, had its capital city Accra maintained its 2017 ranking as the 10th wealthiest African city with a current total wealth of US$38 billion in the report. “Major sectors in the city include basic materials, manufacturing and financial services,” the report said.

Ghana was also found to have a wealth per capita of $2,500 which was dwarfed in comparison to Mauritius ($32,700), South Africa ($12,900) and Namibia ($12,600).

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.

About the AfrAsia Bank Africa Wealth Report 2018

The AfrAsia Bank Africa Wealth Report 2018 provides insights gathered by, New World Wealth, on wealth trends in Africa over the past 10 years, with projections for the next 10 years. The report also provides comprehensive wealth breakdown for 17 African countries and 23 African cities.

Total individual wealth held in Africa currently amounts to around $2.3 trillion. This figure is expected to rise by 34% over the next 10 years, reaching $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).

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