Ghana’s capital city will grow its millionaires which is currently said to be around 800 to 1,500 in 2020, the fastest growth among African cities, says UK-based research firm New World Wealth (NWW) which released the survey last week.
Accra was ranked number one on NWW’s database for the top-ten Africa’s fastest growing cities for millionaires per annum.
It was followed by Nairobi (6.3%), Lagos (6.2%), Luanda (6.0%) and Dar es Salaam (6.0%).
The rest are Algiers (5.0%), Casablanca (4.5%), Durban (3.7%), Pretoria (3.5%) and Johannesburg (3.4%).
New World Wealth’s projections of growth in millionaires are based on several factors including country’s economic growth, income distribution trends and high-net-worth index (HNWI) growth trends in the city or country.
The research firm draws its data from private bankers, stockbrokers, deal announcements and interviews with the rich individuals themselves.
The firm indicated that an individual’s primary residence is excluded in calculating their net worth.
By Ekow Quandzie