Do you smell the money? Accra, Nairobi seen adding dollar millionaires faster than any other African cities
02 SEP 2015 19:36 JANICE KEW, BLOOMBERG, M&G AFRICA
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There are about 16 ... read full comment
Do you smell the money? Accra, Nairobi seen adding dollar millionaires faster than any other African cities
02 SEP 2015 19:36 JANICE KEW, BLOOMBERG, M&G AFRICA
LinkedIn13Twitter92Google+Facebook64Email
There are about 163,000 millionaires living in Africa as of June 2015, with combined wealth of $670 billion, new report says.
A view of Accra. The Ghanaian capital city is expected to add dollar millionaires faster than any other city, a new report says. (Photo/AFP) A view of Accra. The Ghanaian capital city is expected to add dollar millionaires faster than any other city, a new report says. (Photo/AFP)
THE Ghanaian capital of Accra is expected to add dollar millionaires at the fastest rate of any African city over the next decade, as a stable political regime and developed banking system help boost financial services, telecommunications and property development.
The number of people with net assets, excluding their primary residence, of more than $1 million will surge by 78% to 4,100 individuals in Accra by 2025, according to an AfrAsia Bank New World Wealth report into African cities published Wednesday.
The number of millionaires in Nairobi, the Kenyan capital, will climb 71%, while those in the Nigerian city of Lagos, Africa’s biggest, will advance 46%.
“Ghana has one of the best developed banking systems in Africa,” Andrew Amoils, an analyst at Johannesburg-based New World, said in an e-mailed response to questions.
“It also has a strong free media and a competitive political structure, unlike most other African countries.” Accra’s expansion of wealthy people will also be spurred by “significant growth” in media and healthcare, he said.
Johannesburg is the African city with the most millionaires in 2015 and is expected to retain that position with a 39% surge to 32,600 over the next decade. The South African city, which has the continent’s largest stock exchange and more entrepreneurs than anywhere else in Africa, has more than twice as many millionaires as Cairo, which is second on the 2015 list at 10,200 individuals.
Only cities with a minimum of 2,000 millionaires were included in the report.
There are about dollar 163,000 millionaires living in Africa as of June 2015, with combined wealth of $670 billion, according to the report.
According to Africa’s biggest lender Standard Bank Group, the number of dollar millionaires in Kenya will grow at more than double the global rate over the next decade. Kenya currently has about 8,700 millionaires out of 18 million globally.
READ: Kenyan dollar millionaires numbers to grow at more than double global rate over next decade
Early last month, the Johannesburg-based research company New World Wealth said Mozambique is the country expected to add dollar millionaires at the fastest rate in Africa over the next decade followed by Ivory Coast and Zambia.
anon 10 years ago
Corruption? An utterly useless government?
Corruption? An utterly useless government?
John 10 years ago
You do realise external factors may have an impact on the Cedi, but really, at the core is an incompetent government?
You do realise external factors may have an impact on the Cedi, but really, at the core is an incompetent government?
Bob 10 years ago
To be honest, the masses are just not clever enough to realise that in actual fact NDC are trash compared to NPP?
NPP actually have intellectuals with the aim of doing business, granted there's corruption in both parties, ... read full comment
To be honest, the masses are just not clever enough to realise that in actual fact NDC are trash compared to NPP?
NPP actually have intellectuals with the aim of doing business, granted there's corruption in both parties, but when NPP were in power, there are actually results. From currency to political leader visits. Remember during Kuffour times?
NPP > NDC
ataa ayi 10 years ago
You have conveniently left out the role of corruption. please note that you are not the only person with knowledge in economics. the only difference may be your ulterior motive which has guided you in this analysis.
You have conveniently left out the role of corruption. please note that you are not the only person with knowledge in economics. the only difference may be your ulterior motive which has guided you in this analysis.
Do you smell the money? Accra, Nairobi seen adding dollar millionaires faster than any other African cities
02 SEP 2015 19:36 JANICE KEW, BLOOMBERG, M&G AFRICA
LinkedIn13Twitter92Google+Facebook64Email
There are about 16 ...
read full comment
Corruption? An utterly useless government?
You do realise external factors may have an impact on the Cedi, but really, at the core is an incompetent government?
To be honest, the masses are just not clever enough to realise that in actual fact NDC are trash compared to NPP?
NPP actually have intellectuals with the aim of doing business, granted there's corruption in both parties, ...
read full comment
You have conveniently left out the role of corruption. please note that you are not the only person with knowledge in economics. the only difference may be your ulterior motive which has guided you in this analysis.