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| 20 September, 2018

Egypt ranked second wealthiest country in Africa - report

Cairo came in the third spot among the wealthiest African capitals

Pyramid in Cairo,Egypt

Pyramid in Cairo,Egypt

Getty Images/ By Raul_Wong

CairoEgypt was the second wealthiest country in Africa in 2017 with a net worth of EGP 330 billion.

Cairo came in the third spot among the wealthiest African capitals as the net worth of individuals living in the Egyptian capital estimated at $140 billion, according to a report issued by the Mauritius-based AfrAsia Bank.

South Africa topped the list with a net worth of $722 billion, while Nigeria came in the third place with $253 billion.

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Net worth was calculated by collecting assets owned by individuals, including properties, cash, stocks, and shares in companies, excluding any liabilities and government assets, the lender indicated.

Moreover, Egypt was ranked the sixth richest nation in Africa with nearly $3,900 per capita.

The most populous Arab country is likely to see a less-than-expected growth that ranges between 10% and 30%, the bank said.

Source: Mubasher

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