Lagos has the third highest number of millionaires on the continent. This is according to the latest annual New World Wealth report, which revealed the Nigerian city has 9 800 millionaires.
Lagos, which has a population of about 8 million, is third behind Johannesburg (South Africa) and Cairo, the Egyptian capital, in the list of cities with the largest concentration of millionaires.
Johannesburg topped the list with 23 000 millionaires at the end of 2012, followed by Cairo with 12 000 millionaires.
Four South African cities were placed in the top ten of the rankings. The report noted that South Africa’s increase represented growth of 9 percent from the 2011 fiscal year. Cape Town was ranked fourth with 9 000 millionaires. Durban had 2 700 while Pretoria was ranked in eighth place with 2 500 millionaires.
The report further stated that although the number of millionaires in other African countries was growing at a fast rate, South African cities were still expected to dominate the top 10 list in 2020.
The report further projected that Johannesburg millionaires would grow to 30 000 by 2020 and would maintain its first position.
Then, it is projected Lagos would have 15 800 millionaires.
The report forecast that Accra in Ghana would be the fastest growing city for Africa millionaires in the period to 2020 with a yearly growth of 8 percent, while Durban would have the fastest growth in South Africa at 3.7 percent.
The New World Wealth’s list includes high-net worth individuals with net assets of $1 million or more, including their primary residence, also providing information and customized products to Africa’s wealth sectors such as luxury goods companies, private banks and fund managers among others. It has a sample of more than 120 000 t individuals on its database.