By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Orascom Pyramids Entertainment invites ambassadors to tour Giza plateau project 
    Orascom Pyramids Entertainment invites ambassadors to tour Giza Plateau project 
    June 10, 2023
    About 45% of our factory's production in Egypt exported to Europe and Africa: Legrand
    About 45% of our production in Egypt exported to Europe, Africa: Legrand
    June 9, 2023
    Toyota Egypt Group, Edraky LLC celebrate successful first implementation of phase 1 SAP S4 Hana & Proaxia VSS globally
    Toyota Egypt Group, Edraky LLC celebrate 1st implementation of phase 1 SAP S4 Hana & Proaxia VSS globally
    June 8, 2023
    Opinion| Will the BRICS group give a lifeline to the Global South against the dominance of the US dollar?
    Opinion| Will the BRICS group give a lifeline to the Global South against the dominance of the US dollar?
    June 8, 2023
    AUR Capital concludes second securitized bond issuance of EGP 1.124bn 
    AUR Capital concludes second securitized bond issuance of EGP 1.124bn 
    June 8, 2023
  • Politics
    PoliticsShow More
    Opinion| The suspension of Russia's participation in the START Treaty portends an imminent nuclear war
    Opinion| The suspension of Russia’s participation in the START Treaty portends an imminent nuclear war
    June 8, 2023
    Israel's neglect of Palestinian issue threatens regional, global security: Palestinian Foreign Ministry
    Israel’s neglect of Palestinian issue threatens regional, global security: Palestinian Foreign Ministry
    June 8, 2023
    Renewed clashes erupt in Sudan’s Omdurman, Khartoum
    Renewed clashes erupt in Sudan’s Omdurman, Khartoum
    June 8, 2023
    Abdel Ghaffar highlights Egypt’s government achievements in health sector during Africa Health ExCon
    Abdel Ghaffar highlights Egypt’s government achievements in health sector during Africa Health ExCon 
    June 8, 2023
    A legally binding agreement must be reached on GERD: Al-Sisi
    A legally binding agreement must be reached on GERD: Al-Sisi
    June 8, 2023
  • Interviews
    InterviewsShow More
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    May 31, 2023
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: The number of millionaires in Egypt
Share
Notification
Latest News
Orascom Pyramids Entertainment invites ambassadors to tour Giza plateau project 
Orascom Pyramids Entertainment invites ambassadors to tour Giza Plateau project 
Culture Tourism
About 45% of our factory's production in Egypt exported to Europe and Africa: Legrand
About 45% of our production in Egypt exported to Europe, Africa: Legrand
Business
Toyota Egypt Group, Edraky LLC celebrate successful first implementation of phase 1 SAP S4 Hana & Proaxia VSS globally
Toyota Egypt Group, Edraky LLC celebrate 1st implementation of phase 1 SAP S4 Hana & Proaxia VSS globally
Business Automotive
Egyptian drama and cinema industry: challenges and solutions
Egyptian drama and cinema industry: challenges and solutions
Cinema Culture
Opinion| The suspension of Russia's participation in the START Treaty portends an imminent nuclear war
Opinion| The suspension of Russia’s participation in the START Treaty portends an imminent nuclear war
Opinion Politics
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Opinion > The number of millionaires in Egypt
Opinion

The number of millionaires in Egypt

Aly Wally
Last updated: 2016/11/12 at 7:04 PM
By Aly Wally 5 Min Read
Share
SHARE

How many people possess more than $1m in Egypt? According to the Credit Suisse global wealth data report of 2015, Egypt has 23,000 millionaires in comparison to 12,000 in Morocco, 35,000 in Qatar, 60,000 in UAE, 70,000 in Turkey, 85,000 in Israel, 180,000 in India, 350,000 in Spain, 1 million in each of China and Italy, 1.5 million in Germany, 2 million in the UK, and 15 million in the US, which ranks at the top of the list.

Aly Wally
Aly Wally

When Deng Xiaoping came to power in China in 1978, China was a poor country. Mao Ze Dong cancelled education after the cultural revolution in 1966. People were starving to death in the millions due to the failed “Great Leap Forward” campaign in 1958, in which Mao wanted to build the agriculture and industry of China with a socialist model rewarding everyone the same, which resulted in very little total production. Deng’s famous words “to get rich is glorious” were a new dimension to China. He said: “Our goal is to grow the market size. It is very normal that some of us will get rich first. This is very normal. The government’s role is to make the market bigger and to ensure the wealth is redistributed in a fair way for both the rich and the poor.” China grew and is now the second biggest economy in the world and on its way to lead the world.

The number of millionaires is one of the indices to reflect the development of economies.

The Credit Suisse report has specific segmentation based on the size of the wealth. We have in Egypt eight people with a net worth of more than $1bn (the Sawiris and Mansour families among others). We have 10 people with wealth between $500m-$1bn, 99 people owning between $100-500m, 142 people owning between $50-100m, and 1,345 people owning between $10-50m. The rest of the 23,000 millionaires have a net worth between $1-10m.

China succeeded when it put in place an economic plan with four modernisations: agriculture, industry, defence, and science and technology. They focused on bringing the best caliber to the leadership positions in the government, putting targets for exports and admitting that they were “backwards” and needed to learn a lot. When Deng visited Japan in 1978, he told his audience: “We are poor and we are very backward. We have to admit that. We have a long way to go, a lot to do, and a lot to learn.”

When he visited factories in Japan and the US, he realised that good technology required effective management and that good management was in turn related to a broad national system. He enforced party leaders to learn management, economics, and science and technology. He introduced management by objectives as a cornerstone for the way he leads the country. Something very normal to multinationals and developed nations but it was not used in China or surprisingly up until today in the governments of many developing nations.

He believed that leaders of nations have to prioritise three key files in front of each of them: the economic file and the social and political one. Countries succeed when they first focus on fixing the economy to be able to spend on the social side, while for him the political file was split in two dimensions: the rule of law and freedom of speech. It was essential to immediately apply the rule of law while delaying freedom of speech until citizens become more educated, which is about the economy and not protests.

We should encourage Egyptians to admire the hard working culture of the people who became rich, especially given that many people made their wealth ethically and through such a hard working culture. We should encourage our kids to know more about them and to aim to replicate their successes or even bigger ones so that they work on growing our economy and becoming cornerstones for our economy the same as Talaat Harb was for Egypt, or Bill Gates and Marck Zuckerberg are for the US, or Jack Ma (Alibaba) and others are now for China.

 

Aly Wally is the author of economic book “Egypt economic crossing” recently published in January 2016.

You Might Also Like

Opinion| The suspension of Russia’s participation in the START Treaty portends an imminent nuclear war

Opinion| Will the BRICS group give a lifeline to the Global South against the dominance of the US dollar?

Egypt looks forward to strengthening strategic relations with US: Maait

Egypt and France discuss joint cooperation in the health sector 

Opinion| Russia and China promote stability in the Middle East after the US withdrawal from the region

TAGGED: Egypt, Mansour, millionaires, Sawiris.
Share this Article
Facebook Twitter Email Print
Previous Article President-elect Trump deserves a chance
Next Article ‘A Day for Women’ to be screened at Dubai International Film Festival
1 Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Orascom Pyramids Entertainment invites ambassadors to tour Giza plateau project 
Orascom Pyramids Entertainment invites ambassadors to tour Giza Plateau project 
Culture Tourism
About 45% of our factory's production in Egypt exported to Europe and Africa: Legrand
About 45% of our production in Egypt exported to Europe, Africa: Legrand
Business
Toyota Egypt Group, Edraky LLC celebrate successful first implementation of phase 1 SAP S4 Hana & Proaxia VSS globally
Toyota Egypt Group, Edraky LLC celebrate 1st implementation of phase 1 SAP S4 Hana & Proaxia VSS globally
Business Automotive
Egyptian drama and cinema industry: challenges and solutions
Egyptian drama and cinema industry: challenges and solutions
Cinema Culture
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?