Kenya Ranked Africa's Fifth Richest Country with a Total Wealth of Sh10 Trillion

A newly released report has ranked Kenya as the fifth richest country in Africa.

The Africa 2018 Wealth Report lists Kenya’s total privately held wealth at Sh10.49 trillion, with a high percentage of it being held by a few individuals.

South Africa is the richest nation in the continent with a net value of Sh72 trillion, followed by Egypt (Sh33 trillion), Nigeria (Sh25 trillion) and Morocco (Sh12 trillion).

“The total wealth sums up private wealth held by all individuals living in each country, including assets such as property, cash, equities and business interests, less any liabilities,” read the report in part. “This excludes government funds.”

In terms of the wealthiest Africans, Mauritius was ranked first with each individual’s net-worth estimated at Sh3.3 million. Kenya was ranked ninth with each individual’s wealth standing at Sh240,000.

The net assets of an average African individual is put at Sh203,000, the report states.

Kenya was named the fourth fastest countries in terms of wealth growth at 73%. Mauritius recorded the highest rate of 195% followed by Ethiopia (190%), while Rwanda (74%) and Tanzania (66%) were third and fifth respectively.

 "Total wealth held in Africa has risen by 13% over the past 10 years (2007 to 2017) and by 3% over the past year (2017). Mauritius was the top performing individual market during both of these periods," read the report. 

The value of individual property, cash, equities and business interests were used to calculate the wealth amount of each country.