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Money Talks There were 2900 dollar-millionaires in Ghana for the year 2016

The High Network of Wealthy Individuals (HNWI) in Ghana has risen to 2900 in 2016.This is expected to grow by 80% in the next 10years reaching 5,200 individuals in 2026.

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Knight Frank Wealth play

Knight Frank Wealth

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The 2017 edition of the Knight Frank Wealth Report revealed that two hundred Ghanaians joined the elite class of dollar millionaires in 2016.

This shows a rise in the total number of High Net Worth Individuals (HNWI) with US$1million or more from 2,700 in 2015 to 2,900 people in 2016.

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10 individuals out of the dollar millionaires joined the ranks of those worth US$10M+.

Ghana currently has 2,900 wealthy individuals with each one of them having a net worth (assets) of over $1million.

According to the report, Ghana has seen 43% growth with its wealthy individuals in the last 10years, growing from 1,900 persons in 2006 to 2,900 recorded in 2016.

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However, due to the fall in the prices of commodities, Ghana only saw a 7% growth in 2016 recording only 200 individuals crossing the over $1million mark.

The Knight Frank Wealth Report was launched in Accra in partnership with Stanbic Bank’s Wealth and Investment unit yesterday.

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Speaking at the launch, Mr Andrew Shirley, Editor of the Wealth Report, stated that the financial service was the main industry from which HNW Ghanaians have acquired their wealth.

It is the primary source of wealth for 24 per cent of local HNWIs".

Other important industries for them include real estate and construction (16) per cent, fast moving consumer goods (13) per cent and mining/ agriculture (10) per cent,” he added.

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The report also found out that wealth preservation, capital growth and succession planning are the three most important factors that high net Ghanaians consider when making wealth management and investment decisions.

Currently there are 30 individuals in Ghana with over $30million net assets, but there was, however no addition to the ultra-high-net-worth pool of those worth US$430m+ and the centre-dollar-millionaires worth US$100m+.

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