New World Wealth and AfrAsia Bank have published the latest African Wealth Report, showing the levels of wealth of various African nations at the end of 2018.
According to the report, South Africa is still the richest country in Africa, with the high net worth (HNWI) population of 39,200 people holding the most wealth at $649 billion.
This is double that of the second wealthiest African nation, Egypt, where the HNWI population of 16,700 people holds $303 billion.
Egypt is followed by Nigeria ($225 billion), Morocco ($114 billion) and Kenya ($93 billion).
Total wealth held on the continent amounts to US$2.2 trillion. Around US$920 billion (42%) of this is held by HNWIs, New World Wealth said.
While South Africa ranks at the top of the list, on a per capita basis ($11,450), it is only the second wealthiest nation – following behind Mauritius, where wealth per capita sits at $31,000.
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