200 Ghanaians join class of dollar millionaires in 2016 - Report
Two Hundred Ghanaians joined the elite class of dollar millionaires in 2016, raising the tally of the High Net worth Individuals (HNWI) with US$1million or more to 2,900 people from 2,700 in 2015.
According to the Knight Frank Wealth Report 2017, of these, 10 individuals joined the ranks of those worth US$10M+.
There was, however, no addition to the ultra-high-net-worth pool of those worth US$430m+ and the centre-dollar-millionaires worth US$100m+.
The results are contained in the 2017 edition of the Knight Frank Wealth Report which was launched in Accra in partnership with Stanbic Bank’s Wealth and Investment unit.
Even though this year’s edition is the 11th, it is the first to be launched in Ghana by the leading independent global property consultancy.
The wealth report provides a unique perspective on global investments trends and investment strategies of high net worth individuals around the world.
Speaking at the launch, Mr Andrew Shirley, Editor of the Wealth Report, said the financial service was the main industry from which HNW Ghanaians have acquired their wealth.
“It is the primary source of wealth for 24 per cent of local HNWIs. Other important industries for them include real estate and construction (16) per cent, fast moving consumer goods (13) per cent and mining/ agriculture (10) per cent,” he said.
The report found out that wealth preservation, capital growth and succession planning are the three most important factors that high net Ghanaians consider when making wealth management and investment decisions.
The three factors are deemed most important as uncertainties linger on in global and local economies.
Respondents to the Attitude survey say wealth preservation (79 per cent), followed by capital growth (68 per cent) and the succession planning (56 per cent) were key concerns for Ghana’s rich.
The attitude survey results are based on responses from almost 900 of the world leading private bankers and wealth advisors, and 10,000 clients across Africa.
Commenting on the launch of the report, Head of wealth and Investment at Stanbic Bank, Mr Benjamin Mensah, said as part of a holistic wealth management proposition, Stanbic Bank wealth and investment had created an association with Knight Frank throughout Africa to offer clients access to world property experts as we see real estate as a major asset class.
“We continue to see an evolution of the HNW market in recent years and in the needs of our clients. With increasing sophistication, challenging markets, growing regulatory changes, wealth management has had to evolve,” he said.
Mr Mensah said the Bank’s main focus was on helping clients to continue to generate and preserve wealth by providing them with the best breed investment solutions.
“Our wealth management philosophy centres on managing, growing and protecting the generation wealth of our clients and their families. In addition to trust and other Succession Planning Structures, our leadership academics are designed to equip our clients and their families on the best practices for the transfer of generational wealth,” he said.
He said the junior leaders (10-12), young leaders (13-17) and the future leaders (18-24) and the women’s wealth Academics were aimed at equipping families with the financial skills to ensure the successful management and transfer of wealth from one generation to the next.
On education, wealth managers and advisors for Ghana HNWIs believe more clients are choosing to send their children overseas 47, per cent compared to a 28 per cent global average and 47 percent across Africa.