Are you one of the richest 10 pct of Egypt?

Tuesday 26-07-2016 04:52 PM

A luxurious residential compound in Cairo - Palm Hills Developments website

CAIRO, Jul 26 (Aswat Masriya) - If your family's average spending is EGP 60.7 thousand per annum, slightly more than EGP 5,000 per month, then you belong to richest 10 per cent of Egyptian families.

According to data from the state's official statistics agency, the richest 10 pct account for about a quarter of the total annual Egyptians' spending.

An individual belonging to the high income segment spends, on average, EGP 23,000 annually, EGP 1,924 per month, according to the results of the income and expenses study published by the Central Agency for Public Mobilisation and Statistics (CAPMAS) on Tuesday.

The results suggest however that the lionshare of the Egyptian population spends less than EGP 1,924 per month.

The top 10 per cent of earners afford to allocate more money to education, transportation and health, with education accounting for 6.1 per cent of the spending, transport 10.4 per cent and health 11 per cent.

They also spend EGP 7,155 on average their annual income on the well-being of the family and allocate EGP 5,711 on average to annual tuition per student. In the case, the student is enrolled in the private education system, the figure jumps to EGP 12,899 per annum.

Food and beverage account for 22.6 per cent of this group's spending, at a time when it makes up 47.7 per cent of the lowest income's group budget.

Meanwhile, the highest income group allots only 2.7 per cent of its spending to cigarettes and alcoholic beverages.  

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