Egypt holds the second highest number of ultra-rich individuals in Africa: There are currently 764 ultra-high net worth individuals (UHNWI)—those with a net worth above USD 30 mn—in Egypt, only second to South Africa and just ahead of Nigeria, according to a Knight Frank Wealth report. The number of UNHWIs in Egypt grew some 3% between 2014-2019 and the number of high net worth individuals (HNWI)—those with a net worth of USD 1 mn or more—grew 29% over the same period, making Egypt the country with the second largest concentration of both HNWIs and UHNWIs in Africa.

This stands in sharp contrast with Egypt's rising poverty rate. Capmas figures showed last year that the country’s poverty rate had risen to 32.5% in FY2017-2018, up from an estimated 27.8% in 2015. The reported rate estimated the number of individuals living at or below the now-adjusted poverty line for an income of EGP 735.5 per month. The survey also found that the average Egyptian household makes just EGP 58.9k a year, up from EGP 44.2k in 2015.