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Tuesday, 25 July 2017

Cairo has the second largest number of HNWIs in Africa, Alexandria 13th

Cairo has the second largest number of HNWIs in Africa, Alexandria ranks 13th: Wondering where the rich live in Africa? Cairo comes in second place on the list of African cities with the largest number of high net worth individuals (HNWIs), according to AfrAsia Bank’s Africa Wealth Report 2017. The report suggests that the number of HNWIs in Egypt decreased by 18% between 2006 to 2016 and expects their number to be stable until 2026. The report says Cairo is home to 8.900 HNWIs, of which 480 are multi-mn’aires, while Alexandria, coming in at 13th on the list, is home to 110 multi-mn’aires and 1,800 HNWIs. Johannesburg is home to the largest number of HNWIs with 18,200 individuals meeting the definition, including 970 multi-mn’aires. Egypt’s luxury market is ranked fifth continentally in terms of 2016 revenue with approximately USD 200 mn. The report also lists the top spending habits of the continent’s HNWIs from watches to private jets. AfrAsia Bank’s report is available in full here (in PDF).

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