Nigeria ranks low as Lagos takes 4th position in highest number of millionaires in 2023

Despite producing the richest black man in the world, Aliko Dangote, the only Nigerian city that made it to the list is Lagos, coming in the 72nd position with about 5,400 high net-worth individuals.

This is a sharp drop of about 900 from the 6,300 millionaires there were in the Nigeria’s commercial nerve-centre in 2022.

The city also has 16 millionaires worth $100 million and above, and then 3 billionaires, according to the report.

The best-ranking African city is Johannesburg coming in the 56th position with about 14,600 high-net-worth individuals.

Cairo (69th) and Cape Town (70th) followed with 7,400 and 7,200 high-net-worth individuals respectively.

Kenya's capital city, Nairobi (74th) rounds up the top 5 from Africa with 4,700 high-net-worth individuals.