Business & Economy

Accra to produce dollar millionaires fastest

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 to boost financial services, telecommunications and property development.
The number of people with net assets, excluding their primary residence, of more than $1m will surge 78 percent to 4,100 individuals in Accra by 2025, according to an AfrAsia Bank New World Wealth report into African cities published this week.
The number of millionaires in Nairobi, the Kenyan capital, will climb 71 percent, while those in the Nigerian city of Lagos, the continent’s biggest, will advance 46 percent.
‘Ghana has one of the best developed banking systems in Africa,’ Andrew Amoils, an analyst at New World, told Bloomberg.
‘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 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 a39 percent surge to 32,600 in the next decade.
The 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.
Cape Town had 8,900 dollar millionaires; Durban 2,700 and Pretoria 2,500. Only cities with a minimum of 2,000 millionaires were included in the report. The three cities were expected to enjoy a growth in millionaires of 38 percent, 48 percent and 44 percent respectively by 2015.
Nairobi, Casablanca, Luanda, Alexandria, Cairo and Algiers are cities expected to see growth of more than 25 percent in the next decade, says the report.
There were about 163,000 dollar millionaires living in Africa as of June 2015, with combined wealth of $670bn.
Libyan and Tunisian cities were excluded from the survey due to conflicts in those countries. Both locals and expatriates were considered in the report.

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