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Egypt's millionaires make up 0.04% of total adult population: Report

Egypt's share of global wealth down to 0.16 percent in 2013; One quarter of Egyptians living in poverty, according to Credit Suisse Research Institute

Waad Ahmed , Monday 28 Oct 2013
Nile Towers
View of Nile City Towers from Ramlet Boulaq (Photo: Shaimaa Mahmoud)
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Views: 11707

Some 22,250 Egyptians, or 0.04 percent of an adult population of 52 million, possess more than LE6.9 million ($1 million) each, according to the Credit Suisse Research Institute's recent Global Wealth Report.

The report added that 3000 Egyptian millionaires left the country during the 2012-2013 rule of ousted president Mohamed Morsi, but did not elaborate further.

Six individuals out of those thousands of millionaires are worth more than LE6.9 billion ($1 billion). Eight others own between LE3.45 billion ($500 million) and LE6.9 billion ($1 billion), the report added without specifying names.

Nassef Sawiris, who tops the list at LE44.7 billion ($6.5 billion), runs Orascom Construction Industries, Egypt's largest publically traded company founded by his father, Onsi Sawiris (worth LE13.8 billion or $2 billion).

Nassef's brother Naguib Sawiris was palced second in the list with fortune worth LE17.2 billion or $2.5 billion. Naguib runs Orascom Telecom Media and Technology, according to Forbes.

In the third place, Mohamed Mansour (worth LE15.2 billion or $2.2 billion) who owns -with his brother youssef Mansour -the Egyptian conglomerate the Mansour Group.

The third Mansour, yassen (worth LE13.8 billion or $2 billion) is a major shareholder and current chairman of real estate company Palm Hills Development.

The Sawiris and Mansour families, who own and run companies in the construction, automotive, communications and media sectors, have seen their fortunes grow despite the ongoing turmoil facing the country, Forbes added.

The net worth of Egypt's six richest businessmen is equivalent to 4.3 percent of Egypt's total wealth, valued at LE2.7 trillion ($400 billion).

But those billionaires are in the same tax bracket as those who earn LE250,000 ($36,290) and above, paying 25 percent of their income in taxes.

Egypt's average total tax rate is below the world average, according to the World Bank and the International Financial Corporation.

Meanwhile, 90.4 percent of Egyptian adults possess less than LE69,000 ($10,000).

Nine percent own between LE69,000 and LE690,000 ($10,000 and $100,000), and 0.6 percent hold between LE690,000 and LE6.9 million ($100,000 and $1 million), added the Global Wealth Report.

At least one quarter of Egyptians live in poverty, spending no more than LE3,444 ($500) each year, according to Egyptian state statistics body CAPMAS.

In the period between 2012 and mid 2013 alone, each Egyptian adult's wealth dropped by an average of 12.5 percent, which is the third highest drop in the world after Japan and Argentine, the Global Wealth Report added.

Wealth per adult in Egypt has increased by 65.5 percent since 2000, less than the global average increase of 68 percent, the report showed.

Egypt's share of global wealth decreased from 0.23 percent in 2000 to 0.16 percent in mid 2013, added the report.

North America holds 32.8 percent of global wealth, compared to the 31.6 percent held by Europe and the 20 percent in Asia-Pacific.

The rest of world owns the remaining 16 percent of total household wealth, despite hosting 60 percent of the adult population.

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