In a cheering twist, Nigeria has been identified as one of the countries with the fastest growing economies in Africa in terms of wealth per capita, according to a New World Wealth report.
This comes in the midst of recent upheavals in Nigeria’s financial sector, and the barrage of accusations and counter-accusations between power players in the industry.
Other African countries that stood out in terms of wealth growth between 2000 and 2013 are Angola and Namibia.
Ventures Africa reports:
The countries were ranked by wealth growth between 2000 and 2013. Angola recorded a percentage growth of 527 percent, Namibia had 289 percent and Nigeria recorded 275 percent growth. Zimbabwe came last on the list, recording a negative growth rate of 10 percent.
The organisation, which provides information on the global wealth sector, with a special focus on Africa, Asia and the Middle East, considered 19 African countries in its research.
South Africans were reported as the wealthiest individuals in Africa with $11,310 in wealth per person, whilst Ethiopians are the poorest with $260 per person. Despite recent uprising in North African countries, Libya (2nd), Tunisia (4th), Algeria (6th), Egypt (8th) and Morocco (7th) ranked high on the list. Nigeria ranked 10th and Kenya 12th. Mozambique and Uganda joined Ethiopia at the bottom of the list. Analysts in most of these countries have however rejected the ranking; with some saying it does not portray the true state of things.
“In reality, Kenya’s wealth is concentrated in just a few hands with 8,300 people controlling 62 per cent of the national wealth of $50 billion,” a Kenyan news media reported on Friday in reaction to assumption that Kenya’s $50 billion wealth is distributed equally among citizens.
Nigeria trailed South Africa and Egypt on the total wealth rankings with $227.5 billion. Zimbabwe was last on the list with total individual wealth of $7.2 billion.
The economic outlook in Africa has improved over the years, evidently so in the report that puts the lowest growth at 47 percent.
Ranked by per capita GDP growth of 2000 – 2012, as recorded by the World Bank, Angola topped the economic growth list, recording a 737 percent growth. Ghana followed with 506 percent growth. Nigeria was 4th with 316 percent growth.
With a mining sector bedevilled with strikes and corruption, South Africa has seen the worst of times in recent times. It sits in the 8th position on the list with 149 percent growth.
Tunisian revolution and subsequent political paralysis has hindered economic growth. Economic challenges were one of the main factors behind the 2011 revolution, but stability is yet to be regained following the revolution. The country despite still having a lot of wealthy people. According to the report languishes on the 17th spot on the economic growth list.
The report does highlight the continent’s progress in recent times, with Africa credited as having world’s largest growing middle class. This was made possible by good economic policies and stability of leadership. The large size of the market has also encouraged investors to flood into the continent to exploit the great opportunities offered.