Wealthiest Countries in Africa
South Africa concentrated the largest amount of private wealth in Africa as of 2020, some 604 billion U.S dollars. Egypt, Nigeria, Morocco and Kenya followed establishing the five wealthier markets in the continent. The wealth value referred to assets, such as cash, properties and business interest, held by individuals living in each country, with liabilities discounted. Overall Africa counted in the same year approximately 125 thousand high net worth individuals (HNWIs) each with net assets of nine million U.S dollars or more.
COVID-19 and wealth constraints
Africa held two trillion U.S dollars of total private wealth in 2020. The amount dropped by nine percent in comparison to the previous year, reflecting the impacts of the coronavirus (COVID-19) pandemic, which has led to job losses, drops in salaries and the closure of many local businesses. Moreover compared to 2010, total private wealth in Africa decreased some 16 percent, constrained by poor performances in South Africa, Egypt and Nigeria. By 2030 however the private wealth is expected to rise 30 percent in the continent.
The richest in Africa
Besides 125 thousand millionaires, Africa counted 6200 multimillionaires and 275 centimillionaires as of December 2020. Furthermore there were 22 billionaires in the African continent, each with a wealth of one billion U.S dollars and more. The richest person in Africa is Nigerian Aliko Dangote, the billionaire is the founder and chairman of Dangote Cement, the largest cement producer on the whole continent. He also owns salt and sugar manufacturing companies in his portfolio.
Countries Wealth in billion U.S dollars
South Africa - 604
Egypt - 282
Nigeria - 207
Morrocco - 111
Kenya - 90
Ethiopia - 57
Ghana - 56
Tanzania - 54
Angola - 48
Cote D'Ivoire - 41
Source : International Monetary Fund
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