Are you richer than the average South African?
A new report shows the average wealth of people living in Africa, with Mauritius said to have the wealthiest individuals with US$21,700 in wealth per capita, while those in Zimbabwe are the poorest having only US$200 per person.
The Africa 2016 Wealth Report, conducted by New World Wealth, revealed that there are approximately 165,000 high net worth individuals (HNWIs) living in Africa, with combined wealth holdings of US$860 billion.
South Africa is some way behind the island nation on a list that is dominated by countries with smaller and possibly more manageable populations in the top five.
The per capita wealth in South Africa is put at US$10,300.
In 2015, the Momentum/Unisa Household Wealth Index revealed the average net wealth of a South African to be R114,547 – up from R103,229 in 2010.
A household’s net wealth was calculated by subtracting its liabilities from its assets.
Top 10 wealth per capita rankings 2015
| # | Country | $ per capita wealth | Population |
|---|---|---|---|
| 1 | Mauritius | $21,700 | 1.3 million |
| 2 | South Africa | $10,300 | 55 million |
| 3 | Namibia | $10,200 | 2.3 million |
| 4 | Botswana | $8,400 | 2.1 million |
| 5 | Gabon | $8,100 | 1.7 million |
| 6 | Algeria | $6,200 | 40 million |
| 7 | Morocco | $5,800 | 33 million |
| 8 | Egypt, Arab Rep. | $4,400 | 82 million |
| 9 | Angola | $3,800 | 22 million |
| 10 | Ghana | $1,700 | 26 million |
bottom wealth per capita rankings 2015
| # | Country | $ per capita wealth | Population |
|---|---|---|---|
| 1 | Zimbabwe | $200 | 14 million |
| 2 | Congo, Dem. Rep. | $400 | 68 million |
| 3 | Ethiopia | $500 | 94 million |
| 4 | Mozambique | $800 | 26 million |
| 5 | Uganda | $900 | 38 million |
| 6 | Tanzania | $1,100 | 50 million |
| 7 | Zambia | $1,200 | 15 million |
| 8 | Nigeria | $1,400 | 175 million |
| 9 | Cote d’Ivoire | $1,700 | 21 million |
| 10 | Kenya | $1,700 | 45 million |
Why Mauritius topped the list:
According to New World Wealth, the island attracts a large number of wealthy individuals who can get automatic citizenship if they spend $500,000 or more on a home there.
Mauritius also has low taxes which encourage business formation and appeal to retirees, along with a thriving and growing financial services sector.
It has a low level of government regulation in the business sector , and a low crime rate.
According to NWW, countries including Switzerland and Australia have wealth per capita exceeding $200,000.
More on wealth in SA
Why South Africans with money are leaving the country
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