The City of Johannesburg. Pic: inyourpocket.com

Africa Business In The News South Africa

South Africa ranked as 1st wealthiest country in Africa

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.

According to The AfrAsia Bank Wealth Report 2018, Johannesburg was the wealthiest with $245 billion, Cairo ($140 billion), Cape Town ($135 billion), followed by Lagos which is the fourth richest city in Africa.

“Total wealth held in the city amounts to US$108 billion. Major sectors include: basic materials, real estate & construction, telecoms, transport and financial services. the” report stated.

According to the report, South Africa is the wealthiest country in Africa with private property valued at $722 billion, and Egypt second with $330 billion

Nigeria was also ranked 3rd among the wealthiest countries in Africa with a value of $222 billion in privately owned assets.

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 eleventh in African countries with the fastest wealth growth which was capped at 19%.

Mauritius had the highest wealth growth rate at 195%, Ethiopia 190%, Rwanda 74% and Tanzania 66%.

The wealth amount was arrived at by calculating the value of property, cash, equities and business interests but liabilities and government funds factored out

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