It may surprise many to know that even with the economic difficulties Nigeria has been facing over the past 3 years, the country still made this year’s list of Africa’s top richest countries. Based on the most recent findings of The AfrAsia Bank Africa Wealth Report 2018 and New World Wealth, on wealth trends in Africa over the past 10 years by calculating the value of property, cash, equities and business interests excluding liabilities and government funds, below are top 5 richest countries in Africa:
- South Africa has been recorded as the wealthiest country in Africa with private property valued at $722 billion with two of its cities; Johannesburg ($245 billion), Cape Town ($135 billion) ranked among the top 3 wealthiest in Africa.
- Egypt is the second on the list having $330 billion with Cairo ($140 billion) as the 2nd richest city in Africa. The country’s revenue was said to be boosted by its large luxury hotel sector.
- Nigeria is ranked 3rd on the list with a value of $222 billion in privately owned assets. Lagos followed suit as the fourth richest city in Africa. According to the report, the total wealth held in the city amounts to $108 billion with its major sectors being basic materials, real estate & construction, telecoms, transport and financial services. The report also ranked Nigeria as the 11th African country with the fastest wealth growth at 19%.
- Morocco is the 4th on the list with a total wealth of 122 Billion Dollars. In spite of its recent instability, the country still had a 14% wealth growth.
- Kenya is the 5th on the list with its total wealth at 104 Billion dollars. The country is also ranked as the fifth richest country in Africa and the richest in East Africa. It ranked as the 4th best in wealth Growth at 73% within the period of 2007 and 2017.
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