According to the 2019 AfrAsia Bank Africa Wealth Report, total wealth held in Africa currently amounts to around $ 2.2 trillion.
South Africa tops the chart of the wealthiest countries in the continent followed by Egypt and Nigeria.
The report projects a 35% rise in total private wealth held on the continent over the next 10 years reaching USD 3.0 trillion by 2028.
Mauritius, Ghana, Rwanda and Uganda are set to emerge as the strongest performing wealth markets in Africa during this period.
While South Africa, Tanzania and Ivory Coast are likely to continue growing moderately at some 30%, Morocco, Egypt and Nigeria are expected to struggle over the forecast period with wealth growth dipping to 10% to 20%.
In terms of the wealthiest individuals in Africa, Mauritius ranks first with an average wealth of USD 31,000 per person.
It also has the fastest growing wealth market in the African continent, recording wealth growth of 124% between 2008 -2018. The key factors contributing to this wealth growth include: security and safety, strong ownership rights, strong economic growth, a well-developed banking system, ease of investment and low tax rates.
According to the report, There are about 99 billionaires who were living in Tanzania last year, placing the country at number nine in a ranking of top African countries based on the super wealthy persons.
The ranking shows Kenya was top in Eastern Africa with 356 billionaires; Ethiopia has 154 billionaires, Tanzania (99), Uganda (67) and Rwanda (30).
The Africa Wealth report for 2019 report published in September by Mauritius based AfrAsia Bank ranked South Africa top with 2,169 billionaires, Egypt (932) and Nigeria (531).
The report shows that these individuals have net assets above $10 million (Sh22 billion) and it shows that Tanzania has only one dollar billionaire.
The country, which had a GDP of $57 billion as of last year, had a total 2,400 High Net Wealth Individuals (HNWI).
The report, however does not name any of the billionaires, neither does it name the assets that some of these High Net Wealth individuals own.
Dar es Salaam falls behind Nairobi which has total city wealth of $49 billion and is ahead of Uganda’s capital Kampala which has $16 billion and Addis Ababa which stands at $14 billion.