Egypt ranks as the second-wealthiest country in Africa, and Cairo, Egypt’s capital, is often perceived as a city of wealth and opportunity for expats and locals alike.
According to Henley & Partners’ Africa Wealth Report 2024, Cairo is the richest city in North Africa, home to 7,200 millionaires, 57 centi-millionaires, and at least eight billionaires, all measured in US dollars, with a total private wealth of USD 140 billion (EGP 7.08 trillion).
On the surface, these figures paint a picture of economic success. Yet, behind the gated compounds and luxury developments, the vast majority of Egyptians are struggling with an unprecedented cost-of-living crisis.
In truth, Cairo is not one city, but two—one of soaring affluence and another of financial hardship.
A City of Rising Wealth—But for Whom?
Cairo’s elite, typically stationed at the furthest points east and west of the city, enjoy an expanding luxury market, with high-end real estate projects, extravagant malls, and international designer brands thriving. Residential compounds developed by major players like Hassan Allam and Palm Hills Developments exemplify this trend, offering apartments that rarely go for less than EGP 6 million.
Malls such as District 5 in New Cairo and Arkan Plaza in Sheikh Zayed cater to this affluent demographic, featuring a range of high-end brands and upscale dining experiences. The rise of private investment, large-scale infrastructure projects, and a growing expatriate presence have all contributed to this surge in wealth.
Even when it comes to education, the gap is clear. While most families struggle with overcrowded public schools, the wealthy send their children to private institutions where tuition fees can soar well above EGP 300,000 (USD 6000) a year. Schools like the British International school (BISC) and American International school (AIS) cater to this demographic, charging amounts that reflect their exclusivity more than the average Egyptian’s reality.
However, this prosperity remains concentrated at the top – much like a pyramid structure.
According to the World Inequality Database (2023), the wealthiest ten percent of Egyptians earn nearly 48 percent of the country’s total income, while the poorest half share just 17 percent. The remaining 42 percent is spread across the middle class—a group shrinking as inflation and economic pressures make financial stability increasingly difficult.
The Cost-of-Living Crisis
Despite Cairo’s billionaire presence, urban inflation reached 26.2 percent in August 2024, pushing basic goods further out of reach for everyday Egyptians. Food prices alone have surged by over 60 percent in the past two years. A dozen eggs now cost EGP 100 (USD 2), tomatoes EGP 25 (USD 0.50) per kilo, and even bread—a staple in nearly every Egyptian home—sells for EGP 18 (USD 0.40).
While these prices may not seem extreme by international standards, they are staggering when placed against local earnings. The public sector minimum wage is currently EGP 4,000 (USD 78), with a recent decision to raise it to EGP 7,000 (USD 138) by July 2025. The average monthly salary in Egypt stands at EGP 9,200 (USD 182), but this figure excludes the millions working in the informal sector, where wages are often lower and far less stable.
In stark contrast, many in Cairo’s affluent areas comfortably earn EGP 60,000 (USD 1,170) or more each month, highlighting the widening income gap that continues to shape the city.
The crisis is not only about prices rising, but also about purchasing power shrinking. Egypt’s currency has weakened dramatically in recent years, making imports significantly more expensive and contributing to the overall inflation.
As a result, items that were already considered pricey have become completely unaffordable for most. Depending on provenance, one kilo of avocados could sell for EGP 1,250 (USD 25), Manuka honey costs are up to EGP 4,550 (USD 89), and Norwegian salmon up to EGP 800 (USD 16), price tags that have turned these once-accessible products into luxury goods, even for many in the middle class.
While Egypt’s middle class would not regularly consume the former, opting more for sources of protein in legumes and poultry, as well seasonal vegetables, these kinds of price comparisons offer a stark illustration of the growing gap between everyday realities and elite consumption in Egypt today.
To put things in perspective, a single jar of Manuka honey can cost more than an entire month’s salary for someone earning the current minimum wage.
A Widening Gap in Quality of Life
Cairo’s wealth is striking, but it exists alongside deep economic disparities that shape daily life in the city.
Luxury compounds in New Cairo and Sheikh Zayed continue to rise, boasting private pools, and gated communities. Yet beyond these exclusive enclaves, millions live in informal housing, where overcrowded streets, unreliable utilities, and limited infrastructure are the norm. Government initiatives have improved some neglected areas, but informal housing remains a stark reality, reflecting the economic divide that defines Cairo.
In one corner of the city, a woman waits hours in a crowded public hospital corridor with her sick child, hoping for a rushed check-up and a prescription she may not be able to afford. Across town in New Cairo, at upscale cafés like Brunch & Cake or Ladurée, breakfast can cost more than EGP 1,000, roughly the entire biweekly food budget for a working-class family.
In healthcare, private hospitals provide excellent treatment for those who can afford it, while public hospitals struggle with underfunding and overcrowding. With approximately one doctor for every 1,162 people, access to quality care remains a challenge for most, leading to long wait times and limited resources in state-run facilities.
Education mirrors this divide. Elite international schools in Egypt charge tuition fees ranging from EGP 90,000 to EGP 170,000 per year, making quality education a privilege for a select few. Some of the most exclusive schools charge even higher fees. Meanwhile, public schools face outdated curriculums, overcrowded classrooms, and underpaid teachers, leaving many students with limited opportunities.
These inequalities reveal the hidden cost of Cairo’s wealth. While investment and development continue to reshape the city, economic instability and limited access to essential services remain the reality for most Egyptians.
The Illusion of Prosperity
Cairo’s rising wealth creates the impression of economic progress, but prosperity remains out of reach for many. According to the World Bank, nearly 30 percent of Egyptians live below the poverty line, with millions more at risk of financial insecurity. The city’s impressive wealth statistics do not reflect the daily struggles of ordinary citizens facing stagnant wages and relentless price hikes.
For Cairo to truly embody economic success, wealth needs to be more evenly distributed. Until then, it will remain a city of two realities, one of luxury and privilege, and another where survival is a daily struggle.
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