ADDIS ABABA – Ethiopia has emerged as the third best wealth generating country in the world, according to a new report by a South African research firm New World Wealth (NWWealth). The report also said Ethiopia is the next economy to watch in Africa due to the dramatic pace with which its people are minting private money.
Ethiopia’s size of wealth held by private individuals has grown more than 10 per cent every year to stand at 102 per cent. Ethiopian has also contributed significantly to private wealth held worldwide which now stands at 204 trillion USD. And as global private wealth is expected to grow by 43 per cent over the next decade – reaching 291 trillion USD by 2028 – Ethiopia will not be left behind.
Ethiopia is also expected to contribute significantly to total private wealth held in Africa which is expected to rise by 34 per cent over the next 10 years, reaching 3.1 trillion USD by the end of 2027. Further, the report noted that even as Ethiopia’s private wealth is only about 60 billion USD, the country’s growth potential should not be underestimated.
The Ethiopian Herald April 25/2019
BY MULATU BELACHEW
