Nigeria’s commercial nerve centre, Lagos has been ranked as the fourth wealthiest city in Africa and 72 in the world, according to a report published on Tuesday by international investment migration firm, Henley & Partners in partnership with global wealth intelligence firm New World Wealth.
Lagos with 5,400 millionaires with a net worth of $1 million, trails Johannesburg, which has 14,600 millionaires; Cairo with 7,400 millionaires, and Cape Town with 7,200 millionaires.
The report, which covered 97 cities from nine regions including Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia, revealed that Lagos has three billionaires and 16 centimillionaires.
The ranking was based on the number of dollar billionaires, centimillionaires, and millionaires in each city surveyed.
While Lagos was the only Nigerian city to make it to the list, other African cities that made the list include Casablanca (Morocco), Adisa Baba (Ethiopia), Nairobi (Kenya), Accra (Ghana), Maputo (Mozambique), Mombasa (Kenya), Tangier (Morocco), Lusaka (Zambia), Swakopmund (Namibia), and Walvis Bay (Namibia).
Top 10 wealthiest cities in the world according to the report are New York City with 340,000 millionaires; Tokyo with 290,300; The Bay Area with 285,000; London with 258,000; Singapore with 240,100; and Los Angeles with 205,400.
Others include Hong Kong with 129,500; Beijing with 128,200; Shanghai with 127,200; and Sydney with 126,900.
The report also revealed that seven out of the top 10 wealthiest cities in the world are in countries that host formal investment migration programs and actively encourage foreign direct investment in return for residence or citizenship rights.
“The right to live, work, study, and invest in leading international wealth hubs such as New York, London, Singapore, Sydney, and Hong Kong can be secured via residence by investment. Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients,” said the CEO of Henley & Partners, Dr. Juerg Steffen
Lagos is the most populous city in Nigeria with an estimated population of about 25 million. The state is also said to be the fifth largest economy in Africa.