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General News of Friday, 4 June 2021

Source: www.mynigeria.com

Lagos residents are the fourth wealthiest people in Africa - Report

Lagos on the Nigerian map Lagos on the Nigerian map

A new report by Africa Wealth has indicated that Lagos State has more millionaires and billionaires than any other Nigerian state.

The commercial city of Nigeria was the fourth wealthiest African city on the new report among those surveyed, while Abuja occupied the 11th position

The state retained the fourth position on Africa's wealthiest cities in the last three years but recorded a declining number of billionaires within the period under review.

About 27% drop was reported in the wealth of persons living within Nigeria's economic hub, this is according to the 2021 Africa Wealth Report of AfrAsia Bank and the New World Wealth (NWW).

The report stated that $88 billion is the total wealth of people living in Lagos as of 2020. A year before, the amount was higher at $96 billion, but in 2018, the total wealth was $108 billion, and in 2017, it was $120 billion.

This means the wealth of Lagosian has been dwindling as the cost of living, induced by rising inflation, continues to rise. The wealth calculation was based on business interests, equities, cash and property.