Nigeria’s Economic Hub Lagos State, Named The Fourth Wealthiest City In Africa

Nigeria’s most populous city and economic hub, Lagos state has been named the fourth wealthiest city in Africa with $97 billion of private wealth.

This is contained in the Africa Wealth Report 2022 released by Henley & Partners in partnership with New World Wealth.

The city of Lagos has been described as Nigeria’s most exclusive city to live in, attracting 77 new residents from other parts of Nigeria every hour coupled with a thriving startup ecosystem.

The report released by Henley and Partners reveals Johannesburg also known as ‘Joburg’ as the richest city in Africa with about 15,200 millionaires out of which two are billionaires.

In second place is Cairo, the capital city of Egypt with 7,800 millionaires.

Capetown, known as the legislative capital of South Africa, occupies the third position with a total wealth of $133 billion and a population of more than 3.5 million. The city has one dollar billionaire.

Lagos occupies the fourth position on the list with 6,300 persons worth over $1 million and three residents worth more than $1 billion.

Lagos has been described as the most populated city in Africa and a major contributor to the Nigerian economy. Largely due to its international seaports and airports.

The report further disclosed that the number of high-net-worth individuals in Lagos has increased by 22% while 330 people are said to now have fortunes worth more than $10 million and 20 residents are reportedly worth more than $100 million.

However, Lagos comes behind the likes of South Africa’s Johannesburg and Cape Town, as well as Egypt’s Cairo, in terms of wealth controlled.

In the same vein, Nigeria despite being the largest economy in Africa ranks third behind South Africa and Egypt with a total private wealth of $228 billion and 10,000 millionaires.

Meanwhile, on a per capita basis, Nigeria ranked 11th on the list with $1,100, while Mauritius was top on the list with $34,500.