Kenya Ranked Africa's 5th Richest Country

A newly released report on wealth has ranked Kenya the fifth wealthiest country in Africa.

The AfrAsia Bank Wealth Report 2018 shows that the country's assets including cash, property, equities and business interests are estimated at Sh10.4 trillion.

South Africa is the continent's richest nation with assets worth Sh72.8 trillion, followed by Egypt (Sh33.2 trillion) and Nigeria (Sh25.5 trillion).

Morocco is Africa's fourth richest country with a total net-worth of Sh12.2 trillion while Kenya closes the list of top five with a wealth of Sh10.4 trillion.

The ranking comes after The World Bank in its report of the Kenyan Private Equity and Venture Capital Landscape published this month showed that Kenya is fast closing in on South Africa and Nigeria as continent's leading private equity investment hub.

In similar fashion, global real estate consultancy firm Knight Frank in a report dubbed Inside View Kenya 2018 disclosed that the world’s super-rich are eying property in Nairobi due of its projected GDP growth of 5.8 percent.

The AfrAsia Bank Wealth Report also ranked Nairobi as the sixth richest city in Africa with a total wealth of Sh5.4 trillion. 

Nairobi only trailed Johannesburg (South Africa), Cape Town (South Africa), Cairo (Egypt), Lagos (Nigeria), Durban (South Africa).