Kenya Ranked The Fifth Richest Country In Africa
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Kenya has been ranked the fifth richest country in Africa, with total net worth of Ksh10.4 trillion, according to the latest AfrAsia Bank Wealth Report.
The country ranks behind South Africa with net worth of Ksh72.2 trillion, which is the wealthiest country in the black continent. Egypt ranks second at Ksh33 trillion worth of wealth while Nigeria ranks third with Ksh25.3 trillion of wealth. Kenya’s peer Morocco is the fourth with net worth of Ksh12.2 trillion in total.
Kenya is the fifth, closing the list of countries with over Ksh10 trillion in terms of wealth.
In terms of wealth growth, Kenya ranked fourth at 73 per cent. Mauritius experienced the gretest growth at 195 per cent followed closely by Ethiopia at 190 per cent. Rwanda was third at 74 per cent.
The report indicates that total wealth held in Africa has risen by 13 per cent over the past 10 years (2007 to 2017) and by 3 per cent over the past year (2017).
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Mauritius was the top performing individual market during both of these periods.
Ethiopia also performed well, although it should be noted that it started from a very low base, which makes growth easier – average wealth in Ethiopia is currently at around US$700 (Ksh70,000) per person.
Total individual wealth held in Africa currently amounts to around US$2.3 trillion (Ksh230 trillion). This figure is expected to rise by 34% over the next 10 years, reaching US$3.1 trillion (Ksh310 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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