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Ethiopia ranked ninth wealthiest country in Africa

(EBC; October 09, 2018)  - Ethiopia is among the top 10 wealthiest countries in Africa ranking at position 9 with US$60 billion, latest report indicates.

This is according to the latest instalment of the AfrAsia Bank Africa Wealth Report.

South Africa, Egypt, Nigeria and Morocco lead the pack on the total wealth table at US$722 Billion, US$330 Billion, US$253 Billion and US$122 Billion respectively.

Kenya is among the top 10 wealthiest countries in Africa ranking at position 5 with US$104 billion.

The report defines total wealth as private wealth held by all the individuals living in each country. It includes all their assets such as property, cash, equities and business interests less any liabilities.

In first place is Johannesburg at $276 billion, followed by Cape Town at $155 billion with Cairo coming third at $140 billion.

The report projects that total private wealth in the continent will rise by 34 percent over the next 10 years, reaching US$3.1 trillion by the end of 2027.

“We expect Mauritius, Ghana, Rwanda and Uganda to be the strongest performing wealth markets in Africa during this period,” reads the report.

South Africa, Angola, Morocco, Egypt, Ivory Coast, Tanzania and Nigeria, however, got less favorable predictions, although still positive.

Source: AfrAsia Bank Africa Wealth Report.