Ghana’s US$ millionaire count has increased significantly over the last decade as 2,700 out of the total 135,200 millionaires in Africa live in Ghana, Africa Wealth Report 2024 has disclosed.
Despite indications by the report the continent’s wealth is being eroded as according to the figures, approximately 18,700 (8%) high-net-worth individuals have left Africa over the past decade (2013 to 2023), the number of millionaires living in Ghana within the same period rose by 26%.
The 2,700 figure places Ghana at 8th with respect to African countries with the highest millionaires, far trailing South Africa, Egypt and Nigeria who make up the top 3 with 37,400 millionaires, 15,600 millionaires and 8,600 millionaires respectively.
Kenya (7,200), Morocco (6,800), and Mauritius (5,100) make up top six
With Algeria (2,800), Ethiopia (2,700), Ghana (2,700), and Namibia (2,300) completing the top 10.
Ghana also has 6 out of the 342 centi-millionaires (USD 100m+) in Africa, but unfortunately still doesn’t have anyone amongst the 21 billionaires on the continent.
Although “Currency depreciation and underperforming stock markets” are said to have chipped away Africa’s wealth compared to global benchmarks, the report projects Africa’s millionaire population will rise by 65% in the next decade.
The 2024 Africa Wealth Report was published by international wealth advisory firm Henley & Partners in collaboration with global wealth intelligence partner New World Wealth.
I bet if the number was on per/capita base instead of absolute, Ghana would do much better, and might even be in the top 3. The leading countries all have significantly larger populations.