Ghana’s capital Accra is poised to be the fasted growing city in attracting high-net-worth individuals (HNWIs); this is according to the latest study by New World Wealth and AfrAsia.
The West African country’s growth prospects are believed to be the reasons behind HNWIs’s possible interests.
“Accra’s strong growth is expected to be fuelled by significant growth in the following sectors in Ghana: financial services, telecoms, real estate and construction, media and healthcare,” Andrew Amoils of New World Wealth told CNBC Africa.
“Ghana has one of the best developed banking systems in Africa. It also has a strong free media and a competitive political structure, unlike most other African countries.”
Amoils said recent setbacks related to infrastructure overspending in Ghana were not seen as a long term risks.
Colin Grieve, Chief Representative Officer, AfrAsia Bank said African cities were emerging as epicentres of growth and opportunity; places where growing numbers of consumers with disposable income were congregating.
“Successful entrepreneurs are seizing the opportunity to provide products and services to these expanding markets and in doing so generating wealth for themselves and their communities,” said Grieve.
There are approximately 163,000 millionaires living in Africa (as of June 2015), with combined wealth holdings of US$670 billion.
According to the report, Johannesburg is the top African city for millionaires with 23,400 individual millionaires.
There are also sizable millionaire populations living in Cairo (10,200) Lagos (9,100) and Cape Town with 8,900 HNWIs.