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Report: Egypt Has Second-highest Number of Wealthy Individuals in Africa


Sun 21 Apr 2024 | 03:27 PM
File Photo - Egypt
File Photo - Egypt
Ahmed Emam

Henley & Partners, a global company that specializes in residency and citizenship by investment, has released a report stating that Egypt has the second-highest number of wealthy individuals in Africa. The company is based in London but has branches in 55 countries across the globe.

According to the report, there are over 15,700 millionaires in Egypt, with roughly half of them (7,200) living in Cairo, the country's capital city. Additionally, there are 52 "centimillionaires" (individuals whose wealth exceeds $100 million), and 30 of them reside in Cairo.

However, due to the depreciation of the Egyptian currency, the report shows a decline of approximately 21% in the number of millionaires in Cairo on an annual basis. There is also a 22% drop in the number of millionaires across the entire country.

Egypt is also home to seven billionaires on Forbes' list of the richest people in the world, and four of them live in Cairo.