Ghana wealth report: the 80 richest people in Ghana, their net worth, sources of income and how they contribute to Gross domestic product (GDP).
The Ghana Wealth Report was released by Goodman AMC. The report is based on a comprehensive study of more than 100 successful entrepreneurs and investors in Ghana as well as how and what they invest in. This report makes known of fascinating insights about the profiles and net worth of the 80 richest people in Ghana and also provides a compendious review of the wealth sector in Ghana.
Findings from the report shows that tremendous amounts of wealth has been accumulated by Ghanaians during the past 20 years. The report has discovered some intriguing data about the wealthy in Ghana and how they impact on Ghana’s economy and policies.
Ghana’s 80 Richest People control $2.5 billion which represents 6.4% of Ghana’s GDP, they have a combined wealth of $29.3 billion total and employ over 150,000 Ghanaians directly.
Goodman AMC predicts that the wealth held by the wealthiest people in Ghana will rise 8.7% during Ghana’s election year in 2016 next year and decline by 2.1% in 2017.
It has also been quite clear from this report that 92% of the wealthy entrepreneurs and investors in Ghana do not have more capital invested in the Ghana Stock Exchange. The report notes that majority of them do not have equity allocations on the Ghana Stock Exchange and haven’t gone public with their businesses, though most increased their equity holdings in Dubai, Switzerland, South Africa and Frankfurt, Germany.
Another major observation by the Ghana Wealth Report by Goodman AMC ascertains the import reliability of Ghana’s economy; 83% of wealthy entrepreneurs in this report are engaged in the business of importing commodities into Ghana.
Goodman AMC’s Ghana Wealth Report discovered 3 billionaires and 77 multimillionaires who all form part of a group of individuals called the Ultra-High-Net-Worth Individuals (UHNWI). Goodman AMC placed the UHNWI cap at $100 million; meaning that only Ghanaian entrepreneurs and investors with a net worth of $100 million and above were considered for this report.
The Ultra-High-Net-Worth Individuals in Ghana are holding so much cash and not investing in Ghana due to the current market volatility in the country and for lifestyle needs. This suggests that the current financial crisis in Ghana lingers on.
On the 80 Richest People in Ghana list, 5 are women; making Patricia Poku-Diaby the richest woman in Ghana with a net worth of $720 million followed by Theresa Oppong-Beeko, Kate Quartey-Papafio and Gifty Lamptey and Grace Amey-Obeng in that order.
According to this wealth report, Charles Ampofo is the richest person in Ghana and he made his fortune through Kampac Oil; an oil and gas firm based in the business hub of Dubai. He has a net worth of $1.46 billion.
The second on the rich list with an estimated net worth of $1.3 billion is Ernesto Taricone. The vast majority of Taricone’s wealth comes from real estate and his business interest in the aluminium, agriculture, construction and forestry.
The youngest multimillionaire currently in Ghana with a net worth of $125 million is Mike Nyinaku; he is 39 years and the founder of The BEIGE Group, with his primary source of wealth being The BEIGE Capital, a financial institution in Ghana.
The Ghana Wealth Report has also tracked the richest families in Ghana who inherited their wealth and continue to grow their family fortune. The wealthiest family in Ghana according to this Wealth Report is the Irani Family, whose wealth originated when 2 brothers Anthony Irani and Edward Irani both of Lebanese descent came into Ghana in 1967 and set up a flour mill. The Irani Brothers and Others Limited went on to become the largest producer of flour in Ghana.
They are followed by the Awuah-Darko Family who have made their fortune in the insurance and finance sector of Ghana’s economy. The current Awuah-Darko’s inherited VANGUARD Assurance from their late father, Nana Ampem Awuah Darko. The family has built on their late father’s legacy and fortune and now have 4 subsidiaries under the VANGUARD Group and about 10 other companies which are each owned by relatives.
Real estate is the main industry from which Ghana’s Ultra-High-Net-Worth Individuals have acquired their wealth – it is the primary source of wealth for 11.25% of Ghana’s rich in this report. Other important industries for UHNWIs include finance and investment (16.25%), oil and gas (10%), mining (6.25%) and diversified (25%).
Below are the full list:
|Names Of Top Richest People In Ghana||Source Of Income||Estimated Net Worth|
|1. CHARLES AMPOFO||Oil and Gas||$1.46 Billion|
|2. ERNESTO TARICONE||Real Estate||$1.3 Billion|
|3. SAM ESSON JONAH||Investments||$1.2 Billion|
|4. NABIL EDMOND MOURKAZEL||Commodities||$900 Million|
|5. MICHAEL IBRAHIM MAHAMA||Mining||$860 Million|
|6. MOHAMMED AHMED ODAYMAT||Diversified||$850 Million|
|7. THE IRANI FAMILY||Flour||$800 Million|
|8. PATRICIA POKU-DIABY||Cocoa and Cotton||$720 Million|
|9. THE KALMONI FAMILY||Diversified||$700 Million|
|10. KWABENA DUFFUOR||Finance||$680 Million|
|11. THE AWUAH-DARKO FAMILY||Finance||$650 Million|
|12. MILAD MILLET & FAMILY||Textiles||$620 Million|
|13. JOSEPH SIAW AGYEPONG||Diversified||$600 Million|
|14. RAMCHAND UDHARAM MOHINANI||Diversified||$580 Million|
|15. ADAMU IDDRISU & FAMILY||Finance and Cocoa||$550 Million|
|16. THE HITTI FAMILY||Diviverised||$540 Million|
|17. THE AZAR FAMILY||Paints||$520 Million|
|18. KWABENA ADJARE DANQUAH||Engineering||$500 Million|
|19. GHASSAN YARED||Diversified||$480 Million|
|20. SERGE BAKALIAN||Flour||$460 Million|
|21. THE BITAR FAMILY||Lumber||$450 Million|
|22. THOMAS SVANIKIER||Diversified||$435 Million|
|23. SAIED FAKHRY||Plastics||$430 Million|
|24. THERESA OPPONG-BEEKO||Real Estate||$420 Million|
|25. PAPA KWESI NDOUM||Diversified||$410 Million|
|26. KWABENA ADJEI||Alcohol||$400 Million|
|27. ENRICO DE SIMONE||Construction||$400 Million|
|28. B.K. AMANDI||Engineering||$400 Million|
|29. BHAGWAN KHUBCHANDANI||Retail||$380 Million|
|30. MACDONALD VASNANI||Shipping||$360 Million|
|31. JOHN TAYLOR||Diversified||$355 Million|
|32. THE SOLOMON LABA FAMILY||Mattress||$350 Million|
|33. KWAKU BEDIAKO||Diversified||$350 Million|
|34. KOFI AMOAH||Diversified||$341 Million|
|35. CHRIS CHINEBUAH||Oil and Gas||$ 330 Million|
|36. OKO-NIKOI DZANI||Finance||$324 Million|
|37. KWAME BAWUAH-EDUSEI||Diversified||$300 Million|
|38. TONY OTENG-GYASI||Cables||$300 Million|
|39. TOGBE AFEDE XIV||Investments||$280 Million|
|40. GEORGE OWUSU||Diversified||$278 Million|
|41. ERNEST BEDIAKO SAMPONG||Pharmaceuticals||$276 Million|
|42. FAWZI WOLLEY||Retail||$275 Million|
|43. FRANK ACHAMPONG||Road Signage||$275 Million|
|44. MICHAEL AGYEKUM ADDO||Pharmaceuticals||$270 Million|
|45. KEN OFORI-ATTA||Investments||$260 Million|
|46. YUSIF IBRAHIM||Diversified||$255 Million|
|47. THE ADDISON FAMILY||Cement||$250 Million|
|48. KATE QUARTEY-PAPAFIO||Cables||$250 Million|
|49. KELI GADZEKPO||Investments||$235 Million|
|50. KWAME ACHAMPONG-KYEI||Insurance||$233 Million|
|51. PAK-WO SHUM||Aviation||$227 Million|
|52. WILLIAM ATO ESSIEN||Finance||$220 Million|
|53. FRANK OWUSU SEKYERE||Alcohol||$213 Million|
|54. TANAL GHANDOUR||Cosmetics||$200 Million|
|55. NENE DROLO BOSSO ADAMTEY||Investments||$200 Million|
|56. THE PEPERA FAMILY||Automobile||$180 Million|
|57. PRINCE KOFI AMOABENG||Finance||$170 Million|
|58. KWAME OFOSU BAMFO||Paints||$170 Million|
|59. VICTOR ALHASSAN||Oil and Gas||$167 Million|
|60. NIK AMARTEIFIO||Investments||$163 Million|
|61. KOFI NSIAH POKU||Pharmaceuticals||$160 Million|
|62. ERNEST OFORI SARPONG||Diversified||$160 Million|
|63. JOSEPH NSONAMOAH||Finance||$155 Million|
|64. EMMANUEL ABLEDU||Oil and Gas||$152 Million|
|65. QUINCY SINTIM-ABOAGYE||Petroleum||$150 Million|
|66. YAW ADU-GYAMFI||Pharmaceuticals||$144 Million|
|67. OSEI KWAME DESPITE||Media||$142 Million|
|68. SETH KWASI DEI||Diversified||$140 Million|
|69. GIFTY LAMPTEY||Fertilizers||$135 Million|
|70. THE FRIMPONG-ANSAH FAMILY||Textiles||$130 Million|
|71. JOHN SACKAH ADDO||Finance||$128 Million|
|72. MIKE NYINAKU||Diversified||$125 Million|
|73. JUSTICE TAYLOR||Diversified||$125 Million|
|74. TORGBOR MENSAH||Advertising||$120 Million|
|75. EDWARD BOATENG||Media||$118 Million|
|76. SAMIR KALMONI||Fast Food||$115 Million|
|77. TUTU AGYARE||Hedge Fund||$110 Million|
|78. KWASI TWUM||Media||$110 Million|
|79. GRACE AMEY-OBENG||Cosmetics||$100 Million|
|80. SANDY OSEI-AGYEMAN||Cosmetics||$100 Million|