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By:
Deogratius Wamala | |||||||||
| Posted:
Apr,24-2023 14:17:50
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Uganda registered a 45 percent growth in high net worth individuals during the period ended December 2022, according to the Africa Wealth Report 2023.
The report, which highlights wealth of an individual’s net investable assets, including property, cash, and listed company holdings, less of liabilities, indicates that during 2022, Uganda registered an increase among dollar millionaires from 940 in 2021 to 1,500.
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However, the country registered a slight decline among centi-millionaires from six to five individuals and for the second year running, did not register any dollar billionaire. The report classifies dollar millionaires as individuals with investable assets of more than $1m, while centi-millionaires hold assets of $100m and more. Dollar billionaires hold $1b and more. However, the report does not indicate which sectors of the economy high net worth individuals invest in or generate their wealth from.
The report ranks Uganda 15th ahead of Rwanda and DR Congo, which are ranked 17th and 19th among the 20 countries in Africa that host the largest number of dollar millionaires.
The report shows Rwanda registered a 72 percent growth among its dollar millionaires to 1,000 and two centi- millionaires, while DR Congo recorded a 35 percent growth to 600 dollar millionaires and one centi- millionaire. Kenya and Tanzania host more dollar millionaires and centi- millionaire than any East African states. For instance, Kenya, which was ranked fourth among Africa’s top 20 hosts of millionaires, registered a 30 percent growth among dollar millionaires, from 5,660 to 7,700 while centi-millionaires rose from 12 to 15 individuals. On the other hand, Tanzania, which closes off Africa’s top 10 hosts of dollar millionaires, registered a 20 percent increase among dollar millionaires from 1,350 to 2,400, while centi-millionaires declined from seven to six individuals. Tanzania is the only country within East Africa to have consistently hosted a dollar billionaire since 2021.
The Africa Wealth Report further indicates that at least 56 percent of Africa’s high-net-worth individuals and more than 90 percent of the continent’s billionaires, are hosted in five countries, among which include South Africa, Egypt, Nigeria, Kenya, and Morocco.
The report notes that South Africa is the largest host of Africa’s dollar millionaires, followed by Egypt and Nigeria. During the period, South Africa hosted 37,800 dollar millionaires, 98 centi-millionaires and five dollar billionaires while Egypt hosted 16,100 dollar millionaires, 54 centi-millionaires and eight dollar billionaires. Nigeria, Africa’s largest economy, hosted 9,800 dollar millionaires, 27 centi-millionaires and four dollar billionaires. As of December 2022, the report indicates, Africa’s investable assets grew from $2.1 trillion to $2.4 trillion, while dollar millionaires grew from 136,000 to 138,000. Centi-millionaires grew from 305 to 328, while dollar billionaires grew from 21 to 23. | |||||||||
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Source:
The Monitor
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