This is according to the latest instalment of the AfrAsia Bank Africa Wealth Report.ADVERTISEMENT
South Africa, Egypt, Nigeria and Morocco lead the pack on the total wealth table at US$722 Billion, US$330 Billion, US$253 Billion and US$122 Billion respectively.
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.
Nairobi is also included on the list of wealthiest cities in the continent, coming in at sixth position on the report.
Nairobi’s wealth is valued at US$54 billion whose major sectors include financial services, real estate and construction, retail, tourism, FMCG, telecoms and basic materials.
In first place is Johannesburg at $276 billion, followed by Cape Town at $155 billion with Cairo coming third at $140 billion.
In fourth place is Lagos at $108 billion followed by Durban at $55 billion.
In seventh place is Luanda at $49 billion followed by Pretoria, Casablanca, and Accra at $48 billion, $42 billion, $38 billion respectively.
Mombasa comes at a distant 23rd with wealth valued at $8 billion.
The report projects that total private wealth in the continent will rise by 34 percent 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,” reads the report.
South Africa, Angola, Morocco, Egypt, Ivory Coast, Tanzania and Nigeria, however, got less favorable predictions, although still positive.