The AfrAsia Bank Africa Wealth Report 2018 has ranked Ghana as the 7th wealthiest country in Africa with a total wealth of 63 billion dollars (US$bn 63) as of December 2017.
The report which was published in September 2018, covers wealth, luxury, prime property and wealth management trends in Africa from 2007 to 2017, with projections to 2027.
Meanwhile, Ghana’s capital city Accra maintained its 2017 ranking as the 10th wealthiest African city with a current total wealth of US$38 billion in the report. The report said that “major sectors in the city include basic materials, manufacturing, and financial services.”
The country was also found to have a wealth per capita of $2,500 which was dwarfed in comparison to Mauritius ($32,700), South Africa ($12,900) and Namibia ($12,600).
The report explains total wealth to mean, the private wealth held by all the individuals living in each country. It includes all their assets such as property, cash, equities, and business interests less any liabilities.
South Africa was ranked the richest country in Africa, followed by Egypt with US$722 Billion, US$330 Billion respectively. Nigeria and Morocco were ranked together as the third richest country in Africa with US$253 Billion and US$122 Billion respectively.
The report projected that the total private wealth in the continent will rise by 34 per cent over the next 10 years, reaching US$3.1 trillion by the end of 2027.
‘We expect Mauritius, Ghana, Rwanda, and Uganda to be the strongest performing wealth markets in Africa during this period,’ the report added.
However, South Africa, Angola, Morocco, Egypt, Ivory Coast, Tanzania, and Nigeria, got less favourable predictions, although still positive.
About The AfrAsia Bank Africa Wealth Report 2018
The AfrAsia Bank Africa Wealth Report 2018 provides insights gathered by, New World Wealth, on wealth trends in Africa over the past 10 years, with projections for the next 10 years. The report also provides comprehensive wealth breakdowns for 17 African countries and 23 African cities.
Total individual wealth held in Africa currently amounts to around US$2.3 trillion. This figure is expected to rise by 34% over the next 10 years, reaching US$3.1 trillion by the end of 2027. The likes of Mauritius, Ghana, Rwanda, and Uganda are expected to be the strongest performing wealth markets in Africa during this period (90% to 150% growth rates).