Accra Seen Adding Millionaires Faster Than Any Other Africa City

  • Millionaire numbers in Ghanaian capital to grow by 78% to 2025
  • Johannesburg to have most African millionaires in next decade

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 percent 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 percent, while those in the Nigerian city of Lagos, Africa’s biggest, will advance 46 percent.

“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 percent 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 163,000 millionaires living in Africa as of June 2015, with combined wealth of $670 billion, according to the report.

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