Uganda Boasts 1,500 dollar Millionaires: Report
According to the Africa Wealth Report 2023, the number of wealthy Ugandans increased by 45 percent between December 2022 and December 2022.
The report, which highlights an individual’s net investable assets, such as property, cash, and listed company holdings, and fewer liabilities, indicates that the number of dollar millionaires in Uganda increased from 940 in 2021 to 1,500 in 2022.
However, the number of centi millionaires in the country decreased from six to five, and for the second consecutive year, no dollar billionaires were recorded.
The report defines dollar millionaires as individuals with more than $1 million in investable assets, while centi-millionaires have assets of $100 million or more. Dollar billionaires possess $1 billion or more.
However, the report does not specify the economic sectors in which high-net-worth individuals invest or derive their wealth.
The report ranks Uganda 15th, ahead of Rwanda and the Democratic Republic of the Congo, which are ranked 17th and 19th among the 20 African nations with the highest concentration of dollar millionaires.
According to the report, Rwanda’s dollar millionaires increased by 72 percent to 1,000 and two centi-millionaires, while DR Congo’s dollar millionaires increased by 35 percent to 600 and one centi-millionaire.
Kenya and Tanzania have more millionaires and cent millionaires than any other East African country.
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Kenya, which ranked fourth among Africa’s top 20 countries with the most millionaires, saw a 30 percent increase in the number of dollar millionaires, from 5,660 to 7,700, while the number of centi-millionaires increased from 12 to 15.
The number of dollar millionaires in Tanzania increased by 20 percent from 1,350 to 2,400, whereas the number of centi-millionaires decreased from seven to six individuals.
Since 2021, Tanzania is the only country in East Africa to consistently host a dollar billionaire.
The Africa Wealth Report reveals that at least 56% of the continent’s high-net-worth individuals and more than 90% of the continent’s billionaires reside in five countries, including South Africa, Egypt, Nigeria, Kenya, and Morocco.
The report indicates that South Africa is home to the most dollar millionaires in Africa, followed by Egypt and Nigeria.
South Africa hosted 37,800 millionaires, 98 centi-millionaires, and five billionaires during the period, while Egypt hosted 16,100 millionaires, 54 centi-millionaires, and eight billionaires.
Nigeria, the largest economy in Africa, was home to 9,800 millionaires, 27 centimillionaires, and four billionaires.
According to the report, Africa’s investable assets increased from $2.1 trillion to $2.4 trillion by December 2022, while the number of dollar millionaires increased from 136,000 to 138,000. The number of cent millionaires increased from 305 to 328, while the number of dollar billionaires increased from 21 to 23.
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