KENYA IS THE FIFTH WEALTHIEST COUNTRY IN AFRICA
Kenya is the fifth wealthiest country in Africa with private property valued at KSh 10.5 trillion
- Nairobi was also ranked among wealthiest countries in Africa
- From 2016, Kenya has spent at least KSh 100 billion in the luxury market
Kenya has been ranked by a recent wealth report as the fith wealthiest country in Africa. According to The AfrAsia Bank Wealth Report 2018 , the country has privately owned wealth to a tune of KSh 10.5 trillion.

Nairobi was also ranked sixth among wealthiest countries in Africa with a value of KSh 5 trillion in privately owned assets. Photo. UGC
According to the report, South Africa is the wealthiest with private property valued at KSh KSh 72.8 trillion, Egypt second with KSh 33.0 trillion, Nigeria KSh 25.3 trillion and Morocco at KSh 12.2 trillion.
The wealth was arrived at by calculating the value of property for instance property, cash, equities and business interests with liabilities and government funds factored out.
The report also ranked Kenya fourth as the with fasted wealth growth which was capped at 73%.
Mauritius had the highest wealth growth rate at 195%, Ethiopia 190%, Rwanda 74% and Tanzania 66%.
"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 in part.
The wealth amount was arrived at by calculating the value of property for instance property, cash, equities and business interests with liabilities and government funds factored out. On the part of cities, Nairobi was ranked as sixth wealthiest city in Africa, valued at KSh 5 trillion.
"Total wealth held in the city amounts to KSh 5 trillion (US$54 billion). Major sectors in the city include financial services, real estate and construction, retail businesses, tourism services, telecoms and basic materials," the report. Johannesburg was the wealthiest with KSh 27.6 trillion, Cape Town (KSh 15.5 trillion), Cairo (KSh 14.0 trillion), Lagos (KSh 10.8 trillion) and Durban at KSh 5.5 trillion.
Source: StandardMedia
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