Uganda is not a broke country. Uganda is rich with natural resources and resourceful educated people that have all sorts of ideas to live above the poverty level. Corruption is one factor that has crippled service delivery in several sectors, which directly or indirectly affects the economy.
Nevertheless, some Ugandans have defied the odds and amassed wealth to the tune of more than a billion shillings, according to estate agent company Knight Frank.
According to Knight Frank, a total of 494 Ugandans own wealth worth at least $500,000 (about Shs1.8b) each, meaning some of these own wealth way higher than this.
All this has been revealed in a report released by Knight Frank today at Sheraton Hotel Kampala to a select club of Uganda’s affluent individuals most of whom are real estate investors.
Andrew Shirley, the editor of the report said the estimated number could be more or less, because they have a challenge of accessing data in Africa, with most Ugandans owning wealth secretly because they hide it in the names of their immediate family members.
The report shows that very few Ugandans own massive wealth, and this makes the inequality gap bigger. The few rich are very rich, whereas the many poor are very poor.
To put this in contrast, Uganda’s per capita income is estimated at Shs2,9 million, meaning the average Ugandan has to save everything they earn in a year for 625 years to reach the level of the wealthiest Ugandans.
Most of the rich, the report indicates, make their money from investments in shares of companies, and residential property.
There is a ray of hope though, as the report shows that in the next five years, there will be a 24% increase in the number of billionaires in Uganda, as compared to Kenya (16%), and Tanzania’s (44%).