CAPE TOWN – South Africa is top of the wealth table of 15 African countries for which reliable data is available according to New World Wealth, whose report on African wealth was sponsored by AfrAsia Bank, but it lags most of the other African countries when it came to growth over the past decade, ranking only fourth from the bottom.
The top performer in terms of wealth growth was Mauritius.
Africa overall lags the rest of the world as despite the fact that it contains 10 percent of the world’s population, it has only 1 percent of the world’s wealth.
The reason why South Africa has only grown wealth by 13 percent in US dollar terms in the period 2008 to 2018 compared with 124 percent for Mauritius, was due to many factors according to New World Wealth.
A depreciating currency as the rand went from R9.30 per US dollar at the end of 2008 to R14.40 at the end of 2018 was one of the main factors.