Addis Ababa April 22/2019 Ethiopia has emerged as the third best wealth generating country in the world, according to Global Wealth Migration Review 2019 “Africa Wealth Report”.
According to the new report by South African research firm New World Wealth, the 10 year wealth growth for the world’s top performers China, Mauritius and Ethiopia is 130, 124 and 102 percent respectively.
This places Ethiopia just behind Mauritius in Africa and China which take the second and first slots respectively- meaning that the country has also contributed significantly to private sector wealth held worldwide which now stands at 204 trillion USD.
Ethiopia’s private wealth is robust and its growth potential is among the top 10 countries led by South Africa followed by Egypt.
Ethiopia is also expected to contribute significantly to total private sector wealth held in Africa which is expected to rise by 34 percent over the next 10 years, reaching 3.1 trillion USD by the end of 2027.
Reports indicated that Ethiopia’s economy experienced strong, broad-based growth averaging 10.3 percent a year from 2006/07 to 2016/17, compared to a regional average of 5.4 percent.
Global wealth has risen by 26 percent over the past 10 years (from 161 trillion USD at the end of 2008 to 204 trillion USD at the end of 2018), assisted by strong wealth growth in Asia.
Global private wealth is expected to grow by 43 percent over the next decade – reaching 291 trillion USD by 2028.
Africa’s total individual wealth held on the continent amounts to 2.3 trillion USD, the report revealed.
Improving service-delivery to attract the caliber of wealthy persons is necessary component in the growth and health of any economy.