Nigeria’s economic hub, Lagos has been named the fourth wealthiest city on the African continent with a total private wealth of $97 billion. This is contained in the Africa Wealth Report 2022, released by Henley & Partners, in partnership with New World Wealth.
Lagos came fourth behind, Johannesburg in first position, Cape Town and Cairo in second and third positions respectively. Notably, the two wealthiest cities on the continent are in South Africa just as 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 controlled.
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.
Also, the report noted that there were 305 individuals on the continent with net assets of $100 million or more, while the number of billionaires stood at 21.
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South Africa is home to over twice as many millionaires as any other African country, while Egypt has the most billionaires on the continent.
Africa’s two wealthiest cities are in South Africa. Johannesburg is the wealthiest, with a total private wealth of US$239 billion, while Cape Town in second place has a total private wealth of US$131 billion.
Notably, South Africa is home to the largest luxury market in Africa by revenue, followed by Kenya and then Morocco. Major components of this include luxury hotels and lodges, cars, clothing and accessories, watches, private jets and yachts.