Kenya has been ranked fifth richest in Africa in privately owned wealth with a total of Ksh10.3 Trillion, this according to a new report by the New World Wealth researchers.
The four countries that surpassed Kenya are South Africa (Ksh72 Trillion) followed by Egypt (Ksh33 Trillion), Nigeria (Ksh25 Trillion) and Morrocco (Ksh12 Trillion).
The Africa 2018 Wealth Report excluded wealth held by the government in the rankings which revealed an increasing gap between the rich and the poor in African societies.
"The total wealth sums up private wealth held by all individuals living in each country including assets such as property, cash, equities and business interests, less any liabilities," the report read in part.
The wealthiest individuals in the continent were found to be Mauritians who were ranked at an average of Ksh3.3 Million net worth.
Kenyans came in at a distant ninth where each individual's net worth was valued at Ksh240,000.
According to the report, net assets of the African individual still fell far below the global Ksh2.8 Million coming in at Ksh203,000
Nairobi was also ranked among the top 10 wealthiest cities in the continent at Ksh5.4 Trillion while Johannesburg topped the list with wealth valued at Ksh27.6 Trillion.
The key drivers of Nairobi's wealth were identified to include financial services, real estate, construction, retail, tourism and telecoms sector.
Nairobi was also ranked among the 10 most expensive cities in the continent with a square metre of prime property going for Ksh190,000.
