Nigeria, South Africa, Egypt top list of African countries with the richest people

February 22, 2022 3:28 PM

The Swiss Investment Bank's Research Institute has released a report that ranked Kenya as the 4th African country with the highest concentration of wealthy individuals after Nigeria, South Africa, and Egypt.

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According to the report, Credit Suisse's 12th edition of the Global Wealth Report, Kenya ranks fourth in Africa with the highest concentration of wealthy individuals whose total wealth is estimated at ($338billion) as of 2020.

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In East Africa, Kenya ranks 1st place, followed by Rwanda, whose wealth per adult stands at $4,188; Tanzania ($3,647); Uganda ($1,994); Democratic Republic of Congo ($1,240) and Burundi ($728).

In Africa, the report noted that the continent's total wealth barely changed, with exchange rate appreciation accounting for the slight change in wealth in the continent. The report, however, did not release the names of the wealthiest individuals who made the list.

Globally, the report highlighted that wealth grew by 7.4 per cent last year, and wealth per adult rose by six per cent to $79,952. It added that the countries most affected by the pandemic did not fare poorly in terms of wealth creation as "Wealth creation in 2020 was largely immune to the challenges facing the world due to the actions taken by governments and central banks to mitigate the economic impact of Covid-19," the report stated.