• Sunday, May 26, 2024
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BusinessDay

Lagos drops from 4th to 5th among wealthiest cities in Africa

10 wealthiest cities in Africa with the most millionaires in 2024

Lagos, the most populous city in Africa has been ranked 5th among 20 wealthiest cities in the continent with 4,200 millionaires, Africa Wealth Report 2024, by Henley & Partners, shows.

The industrial hub of Nigeria dropped from the fourth spot it was in 2023 with 5,400 millionaires, leading to 1,200 people now out of the millionaire radar.

Top four cities for 2024 are Johannesburg (South Africa), Cape Town (South Africa), Cairo (Egypt) and Nairobi (Kenya) with 12,300, 7,400, 7,200 and 4,400 millionaires in each city respectively.

The largest city in Africa in terms of its overall population and the economic hub of West Africa, Lagos, is home to over half of Nigeria’s high-net-worth
individuals.

It is also the base city for African multinational giants such as the Dangote Group and Zenith Bank.

Major sectors in the city include: basic materials, oil and gas, transport and financial services.

Dar Es Salaam (Tanzania), Tangier (Morocco), Algiers (Algeria), Grand Baie (Mauritius), Kigali (Rwanda) with 1,200, 1,200, 1,000, 1,000, 900 and 800 millionaires made the least five of the 20 wealthiest cities.

According to the report, Africa’s millionaire numbers are expected to rise by a healthy 65 percent by 2030 with solid growth projected in most major cities.

“We expect the key wealth-creating industries to be fintech, eco-tourism, business process outsourcing, software development, rare metals mining, green tech, media and entertainment, and wealth management,” H & P noted.