Ghanaian business mogul Richard Nii Armah Quaye has sparked reactions on social media following a statement he made about the percentage of his income he spends.

Speaking at the 2026 International Youth Empowerment Summit (IYES) held at the University of Professional Studies, Accra (UPSA) on Friday, March 13,2026, Richard Nii Armah Quaye, while delivering a speech, revealed that he used to spend about 20% of his income.

“As you continue to grow, your income begins to increase, so the 20% will also continue to increase for you. As I speak to you now, I am still spending below 20% of my income,” he said.

Richard Nii Armah Quaye gains international recognition with Forbes

The business mogul further noted that he has grown his wealth to the point where he barely spends more than 2% of his income.

“In fact, looking at where I am in life and where I started, I was around the 20% mark. But as you move forward and your worth becomes bigger, now I take about 2% of my worth, and I can’t even spend it,” he added.

The video has, however, triggered massive reactions on social media, with some netizens expressing diverse views on his statement.



JHM/BAI

Meanwhile, learn of the story of the man behind the iconic Akwaaba frames in Ghana: