Tag: egypt

Egypt Retains Title as North Africa’s Wealth Capital This Year

Currency swings haven’t toppled Egypt from its throne as North Africa’s richest nation. Fez – Egypt is holding tight to its crown as North Africa’s wealth capital, with 14,800 millionaires as of mid-2025, even as currency challenges have slightly reshaped the country’s ultra-rich landscape.  The latest figures come from Henley & Partners, the global wealth advisory firm that tracks private capital trends. Egypt tops North Africa, second in Africa overall Despite a turbulent economic backdrop and a weakening pound, Egypt remains the undisputed hub for high-net-worth individuals in the region and ranks second on the African continent, behind South Africa. The total number of millionaires, defined as individuals holding at least USD 1 million in investable assets, slipped from 15,600 in late 2023 to 14,800 by June 2025.  Those with USD 100 million or more dropped from 52 to 49, while Egypt’s billionaire count held steady at seven. Compared to 2015, the decade has not been easy: significant currency devaluations reduced the overall pool of wealthy residents by around 15%.  Yet Egypt’s position remains resilient, bolstered by its concentration of financial activity, real estate development, and private capital inflows. Morocco on the rise Morocco has secured second place in North Africa with a solid increase in its wealthy population.  The country now counts 7,500 millionaires, 35 centi-millionaires (individuals with USD 100 million or more), and four billionaires.  This marks a sharp rise from 6,800 millionaires and 32 centi-millionaires last year, a 40% growth over the past decade. Driven by diversified industries, expanding infrastructure, and robust tourism investment, Morocco’s wealth profile continues to climb steadily, cementing its role as a rising regional powerhouse. Algeria facing decline Algeria ranks third in North Africa, with its wealthy population sliding from 2,800 millionaires in 2023 to 2,700 in 2024.  The number of centi-millionaires also fell slightly, from eight to seven, while the country maintains a single billionaire. Compared to 2015, Algeria has experienced a 23% contraction in its millionaire population, following the challenges of an economy less diversified than its neighbors. What is a ‘centi-millionaire’? In wealth-tracking terms, a centi-millionaire is an individual holding at least USD 100 million in investable liquid assets, the category just below billionaire status.  This small, elite group often plays an outsized role in regional investment flows, family offices, and major private equity ventures. Africa’s wealth map is shifting While Egypt continues to lead North Africa, the continent’s wealth distribution is changing.  South Africa remains Africa’s overall wealth leader, but Morocco’s sharp upward trend signals a more competitive regional landscape.  Meanwhile, currency volatility continues to be the single largest factor shaping millionaire statistics in countries like Egypt and Algeria. The report also indicates that capital migration, investment trends, and real estate development patterns, from Cairo and Casablanca to luxury markets in Marrakesh and Tangier,  are redefining where wealth is built and retained. Experts suggest that Egypt’s ultra-wealthy will continue to concentrate in Cairo, which alone holds nearly half the nation’s private wealth.  Morocco’s steady climb reflects strategic economic reforms and international investment ties, while Algeria’s numbers highlight the impact of limited diversification in resource-heavy economies. Henley & Partners notes that the coming decade could see greater competition among African wealth hubs as high-net-worth individuals seek stable currencies, investment security, and globally connected markets.

Is This Pyramid in Indonesia Older Than Egypt’s?

Indonesian researchers claim this to be true about the architectural marvel in Gunung Padang, but archaeologists disagree. Fez – A new scientific study out of Indonesia has stirred both curiosity and controversy. Researchers say the pyramid-like structure of Gunung Padang might be far older than Egypt’s pyramids, possibly dating back to 25,000 BCE.  If confirmed, this would rewrite the timeline of human civilization as we know it. But not everyone’s convinced. The study, led by geologist Danny Hilman Natawidjaja from the Indonesian Institute of Sciences, was published in the journal “Archaeological Prospection”.  According to the research team, the core of Gunung Padang isn’t just a natural hill, it’s made up of carefully carved andesite stones layered in complex formations.  They argue that the oldest part of the structure was originally a volcanic mound that was later shaped and built upon by human hands. Here’s where it gets bold: the dating suggests that one of its lower layers is over 27,000 years old, nearly twice as old as what we’ve long accepted as the beginning of advanced human construction, which traditionally starts with the agricultural era around 11,000 years ago. To support this idea, the researchers point to other mysterious prehistoric sites like Göbekli Tepe in Turkiye, which also show signs of complex human activity before farming began.  It all feeds into a growing global conversation: Did early humans master architecture and monument building long before we gave them credit? But many archaeologists are pushing back hard. According to Charq Al Awsat Flint Dibble, an archaeologist from Cardiff University, the evidence just doesn’t hold up. “When rocks tumble down a hill, they tend to align naturally,” he explained in “Nature”. “There’s no clear sign of tools or carving marks to prove that people actually shaped this site.” Others agree. Bill Farley from Southern Connecticut State University pointed out that the soil samples from Gunung Padang, some dating back over 27,000 years, don’t contain any tell-tale signs of human activity, such as charcoal from fires or broken bones. In response, Natawidjaja has kept the door open. He invited researchers from all over the world to visit the site, conduct their own studies, and examine the evidence firsthand.  He insists he’s ready for full transparency and scientific collaboration. Meanwhile, the editorial board of “Archaeological Prospection” has announced it is reviewing the paper to assess its scientific validity and the accuracy of its claims. For now, Gunung Padang remains a mystery. Is it an overlooked wonder from a forgotten civilization, or just a hill with an imaginative backstory? The debate is far from over. Read also: Why No Human Remains Were Ever Found on the Titanic

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