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General News of Tuesday, 20 September 2022


Lagos ranks as 4th wealthiest city in Africa – Report

Lagos is the fourth wealthiest city in Africa Lagos is the fourth wealthiest city in Africa

An Africa Wealth Report 2022 released by Henley & Partners, in partnership with New World Wealth has named Lagos, the commercial capital of Nigeria is the fourth wealthiest city in Africa with a total private wealth of $97 billion.

Two of South Africas's biggest cities Johannesburg and Cape Town are first and second respectively. Cairo, the capital of Egypt clipped the third spot.

Four South African cities make the top ten (Johannesburg, Cape Town, Durban and Pretoria). Lagos is the most populated city in Africa and a major contributor to the Nigerian economy, with international seaports and airports.

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

Nairo, Casablanca, Accra and Lunda make the final list.

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.

Africa’s total private wealth as of December 2021 stood at $2.1 trillion, with an estimate of 136,000 millionaires living in Africa, each with net assets of $1 million or more, reports Nairametrics.

Total private wealth in Africa increased by 5% compared to $2 trillion recorded in the previous year. Although, apart from the year 2020 which was marred by the covid-19 pandemic, 2021 has been the lowest since 2015.

Approximately, there are 6,700 multi-millionaires living on the continent, each with net assets of $10 million or more in 2021.


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