{"id":619207,"date":"2024-04-28T00:00:00","date_gmt":"2024-04-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/wealth-concentration-distribution-in-africa\/"},"modified":"2024-04-28T00:00:00","modified_gmt":"2024-04-28T00:00:00","slug":"wealth-concentration-distribution-in-africa","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/wealth-concentration-distribution-in-africa\/","title":{"rendered":"Wealth concentration + distribution in Africa"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt was the second-wealthiest country in Africa in 2023<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.henleyglobal.com\/publications\/africa-wealth-report-2024\" style=\"\" rel=\"noopener\">report<\/a> by leading advisory firm Henley & Partners analyzing the richest countries in Africa. In addition to breaking down the distribution and concentration of wealth in African countries and cities, the report also looks at economic mobility and how investors have been moving their money across the continent. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The nitty-gritty:<\/strong> The Big 5 of Africa \u2014 South Africa, Egypt, Nigeria, Kenya, and Morocco \u2014 account for 56% of all m\u2019naires and 90% of all b\u2019naires in Africa. Out of the 21 b\u2019naires on the continent, seven of them are based in Egypt. Meanwhile, Cairo is listed as the <a target=\"_blank\" href=\"https:\/\/www.henleyglobal.com\/publications\/africa-wealth-report-2024\/africas-most-expensive-cities\" style=\"\" rel=\"noopener\">ninth<\/a> most expensive city in Africa, and the <a target=\"_blank\" href=\"https:\/\/www.henleyglobal.com\/publications\/africa-wealth-report-2024\/africas-wealthiest-cities\" style=\"\" rel=\"noopener\">third<\/a> wealthiest.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But it\u2019s not all sunshine and rainbows:<\/strong> The number of m\u2019naires in Egypt dropped 22% y-o-y, following the <a target=\"_blank\" href=\"https:\/\/www.henleyglobal.com\/publications\/africa-wealth-report-2024\/africas-wealthiest-countries\" style=\"\" rel=\"noopener\">trend<\/a> among the three wealthiest countries on the continent, and factors into the overall 8% reduction in African m\u2019naires since 2013. Dominic Volek, a senior at H&P, <a target=\"_blank\" href=\"https:\/\/www.henleyglobal.com\/publications\/africa-wealth-report-2024\/africas-wealth-landscape-navigating-challenges-seizing-opportunities\" style=\"\" rel=\"noopener\">says<\/a> that while the continent\u2019s growth trends are promising \u2014 thanks to fintech, eco-tourism, and green tech, among others \u2014 currency depreciation is the main culprit behind the continent\u2019s setbacks. Egypt, Nigeria, Angola, and Zambia have all seen currency depreciations over 75% within the past decade.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where are the m\u2019naires going?<\/strong> A large portion of this attrition of high net-worth individuals is a result of <a target=\"_blank\" href=\"https:\/\/www.henleyglobal.com\/publications\/africa-wealth-report-2024\/key-drivers-wealth-growth-spotlight-millionaire-migration\" style=\"\" rel=\"noopener\">migration<\/a>, with 18.7k HNWIs leaving the continent since 2013, according to New World Health\u2019s head of research Andrew Amoils. Of the 54 African-born b\u2019naires, 33 have left the continent. This includes South Africa\u2019s Elon Musk. The UK, US, Australia, and UAE have seen the largest numbers of migrating African HNWIs. Others have switched it up, moving to France, Switzerland, and Monaco, with fewer settling in Portugal, Canada, New Zealand, and Israel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The overall outlook is positive:<\/strong> Volek describes Egypt as one of the pockets of prosperity in Africa, and one of the fastest-growing markets in the world. Africa is expected to see its m\u2019naire population growing 65% within the next decade, led by Mauritius, Namibia, and Morocco. <a target=\"_blank\" href=\"https:\/\/www.henleyglobal.com\/publications\/africa-wealth-report-2024\/africa-rises-and-so-does-global-voice-but-challenges-remain\" style=\"\" rel=\"noopener\">Justice Malala<\/a>, a political commentator and newspaper columnist, reports a prediction that African countries will account for 11 of the 20 fastest-growing economies across the globe this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The number of m\u2019naires in Egypt<\/p>\n","protected":false},"author":1,"featured_media":619208,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7215],"tags":[7098,633,638],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-your-commute","tag-africa","tag-enterprisepm","tag-for-your-commute","wpautop","entry"],"acf":{"mongo_id":"2cfe2042-71a9-4423-8797-6c483ccfd2f1","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1926.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[619202],"teaser":"The number of m\u2019naires in Egypt","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.720f28ca-59a9-4e80-9ec6-9d183257e02f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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This puts the country second only to South Africa, which dominates the list with almost double the amount of private\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/516.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588510,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/mckinsey-investment-in-the-services-sector-will-have-considerable-impact-on-africa-the-continents-ev-manufacturing-prospects-could-be-improved-with-consolidation\/","url_meta":{"origin":619207,"position":3},"title":"McKinsey: Investment in the services sector will have considerable impact on Africa + The continent\u2019s EV manufacturing prospects could be improved with consolidation","author":"enterpriseam admin","date":"12 June 2023","format":false,"excerpt":"China, Europe\u2019s workforce will dip while Africa\u2019s will surge by mid-century","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/518.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600998,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/17\/eva-pharma-becomes-licensed-distributor-for-gilead-in-africa-as-egypt-becomes-expansion-hub\/","url_meta":{"origin":619207,"position":4},"title":"Eva Pharma becomes licensed distributor for Gilead in Africa as Egypt becomes expansion hub","author":"enterpriseam admin","date":"17 February 2019","format":false,"excerpt":"Gilead and EvaPharma will use Egypt as a distribution and manufacturing hub to expand into Africa: Eva Pharma will become a licensed distributor for biotech and pharma giant Gilead Sciences\u2019 products in Africa, CEO Riad Armanious said in a statement to the local press on Thursday. Armanious said Gilead has\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647957,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/24\/egypt-saw-highest-percentage-growth-of-fdi-in-africa-in-2016-ey\/","url_meta":{"origin":619207,"position":5},"title":"Egypt saw highest percentage growth of FDI in Africa in 2016 - EY","author":"enterpriseam admin","date":"24 May 2017","format":false,"excerpt":"Egypt saw the highest percentage increase in foreign direct investment in Africa in 2016, growing 43.5%, according to EY\u2019s Africa Attractiveness Program 2017 report (pdf). Egypt was the third most popular destination for investments from outside the continent last year, following Morocco and South Africa which remained the top FDI\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2017\/5\/625.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=619207"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619207\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/619202"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/619208"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=619207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=619207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=619207"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=619207"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=619207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}