Lagos Slides to Fifth Place Among Africa’s Richest Cities

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By Daniel Edu

Renowned as West Africa’s industrial and economic powerhouse, Lagos has slipped to the fifth spot among Africa’s wealthiest cities, as per the latest Africa Wealth Report 2024 by Henley & Partners.

The city is now home to 4,200 millionaires, marking a decrease from the 5,400 recorded last year, indicating a notable reduction of 1,200 high-net-worth individuals.

Despite this decline, Lagos remains a vital player in Africa’s economic terrain, accommodating over half of Nigeria’s millionaires.

Key sectors like basic materials, oil and gas, transport, and financial services continue to thrive, with major African multinationals such as the Dangote Group and Zenith Bank headquartered in the city.

Johannesburg and Cape Town in South Africa, Cairo in Egypt, and Nairobi in Kenya lead the 2024 rankings with 12,300, 7,400, 7,200, and 4,400 millionaires respectively.

In contrast, cities like Dar Es Salaam, Tangier, Algiers, Grand Baie, and Kigali rank lower on the list, each with fewer than 1,200 millionaires.

Despite the current figures, the outlook for Africa’s high-net-worth population appears optimistic.

The report anticipates a robust 65 percent growth in the number of millionaires across the continent by 2030, fueled by economic expansion in several key cities.

“We anticipate significant growth in wealth creation industries such as fintech, eco-tourism, business process outsourcing, software development, rare metals mining, green tech, media and entertainment, and wealth management,” noted H & P.

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