A recently released report by AfrAsia Bank and New World Wealth has named Lagos as the city with the third most millionaires in Africa

What city is #1? Well, that’s Johannesburg.

Via BBC:

Johannesburg alone, known as the “city of gold”, is home to 23,400 millionaires. South Africa has 30% of the total.

Egypt’s Cairo comes second with 10,200, with Nigeria’s Lagos third with 9,100.

The study defines millionaires as people with net assets worth at least $1m (£650,000).

It estimates there are close to 163,000 millionaires living in Africa, with a combined wealth of $670bn (£440bn).

The number of millionaires is rising fastest in Ghana’s capital, Accra, the report said, even though at the moment, with 2,300, it does not make the top five.

After Lagos, comes Cape Town with 8,900 and Nairobi with 6,200.

As for the rest of top 10,

1. Johannesburg, South Africa – 23,400 millionaires
2. Cairo, Egypt – 10,200
3. Lagos, Nigeria – 9,100
4. Cape Town, South Africa – 8,900
5. Nairobi, Kenya – 6,200
6. Luanda, Angola – 4,900
7. Durban, South Africa – 2,700
8. Pretoria, South Africa – 2,500
9. Casablanca, Morocco – 2,400
10. Accra, Ghana – 2,300

Well, Lagos has Banana Island so it all makes sense.

According to the same report, Lagos’ millionaire growth rate is at 46% and there will be a projected 13,300 millionaires by 2025. Must explain why everyone believes Eko Atlantic is such a good idea.

Other Nigerian cities of note,

• Abuja, Nigeria – 1,000
• Port-Harcourt, Nigeria – 1,000

More millionaires in Accra than Abuja though? Interesting stuff.

Mallam Yero