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Report ranks Lagos fourth in Africa’s dollar millionaires

A report by research firm, New World Wealth and Henley & Partners, has ranked Nigeria’s commercial capital, Lagos, fourth in terms of the number of dollar millionaires in Africa. The latest Henley Global Citizens Report, which tracks private wealth migration trends worldwide, shows Lagos has 6,300 High Net Worth Individuals (HNWI) with at least $1 million. The report shows South Africa’s business hub Johannesburg has 15,200 dollar millionaires – the most in Africa – followed by Egypt’s capital Cairo, which has 7,800 HNWIs. Another South African city, Cape Town, has the third largest concentration of wealthy individuals on the content with 6,800 HNWIs followed by Lagos and Nairobi which have 6,300 and 5,000 HNWIs respectively. However, no African city made it to the list of top 20 cities globally that have the highest number of dollar millionaires. The list was dominated by US cities. The US’s most populous city, New York, has the largest concentration of dollar millionaires in the world, home to 345,600 HNWIs, followed by Tokyo and the San Francisco Bay Area with 304,900 and 276,400, respectively.

 

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