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80 richest people in Ghana: Net worth of 3 Ghanaian billionaires and 77 millionaires and how they contribute to GDP

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.

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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.

Charles Ampofo - richest people in Ghana

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.

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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

To find out more on the methodology and how the net worth was calculated, read from source, Goodman AMC.

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