Miracle? Kenya Ranked 5th Richest African Country
Kenya’s wealth measure improved from position 6 in 2016 to 5th last year, reveals a report by AfrAsia Bank Africa.According to the report, Kenya has more than KSh10.4 trillion in wealth, a 9.5% increase from the previous year's total wealth of Ksh 9.5 trillion.Over the past 10 years, Kenya has acquired wealth at a rate of 73% becoming the 4th biggest African country in wealth growth. In 2017 alone, the country grew its wealth at 2%.
Kenya comes behind South Africa, Egypt, Nigeria and Morocco in that order. South Africa leads with Ksh 72.2 trillion total wealth calculated in US dollars against Kenya’s Ksh 10.4 trillion.The report also ranked Nairobi as the 6th richest City in Africa accumulating more than Ksh5.4 trillion. This was in form of financial services, Real Estate & construction, retail among several others.Nairobi comes behind Johannesburg and Capetown in South Africa, Cairo in Egypt, Lagos in Nigeria and Durban in South Africa in that order. Johannesburg leads with Ksh27.6 trillion in total wealth.Nairobi is also ranked the 4th most expensive African City with land retail rate estimated at Ksh190,000 per square meter.Kenya is, however, the second largest African country with a market for luxurious products. In 2017 alone, the country retailed Ksh500 million worth of luxury products and services.