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About 500 Ugandans own wealth of at least $500,000 (Shs1.8b) and above, a new report shows.
According to the Wealth 2020 report released on March 3 by real estate agent Knight Frank, most of the rich Ugandans have made their wealth in buying shares of companies as well as real estate. The report adds that more wealth people are investing in schools, hospitals and agriculture.
Knight Frank estimated levels of net wealth on a location-by-location basis using balance sheet data, where available, on households’ financial and non-financial wealth.
However, Uganda’s number of wealthy individuals is way below those in Kenya and Tanzania. According to the report, Tanzania has 12,254 individuals whose wealth is at least $500,000. Kenya’s total up to 9,600 individuals with that amount. Still in Kenya, at least 42 people are worth $30m (110bn Uganda shillings) each.
The report is an indication of growing income inequality in the country where per capita income (each Ugandan’s earnings per year) is just $800 (Shs 2.9m).
The report shows in the next five years, Ugandans with $500,000 in wealth will grow by 24%, higher than Kenya (16%) but below Tanzania’s 44%. Oil and gas will play a big part in this growth for Uganda.
Judy Rugasira, the executive director for Knight Frank Uganda, says growing population and middle class is attracting investment in healthcare, education, and agriculture.