Exclusives Research Analysis

Lagos ranks as 4th wealthiest city in Africa – Report


by Samuel Oyekanmi September 20, 2022

Nigeria’s economic hub, Lagos has been named the fourth wealthiest city on the African continent with a total private wealth of $97 billion. This is contained in the Africa Wealth Report 2022, released by Henley & Partners, in partnership with New World Wealth.

Lagos came fourth behind, Johannesburg in first position, Cape Town and Cairo in second and third positions respectively. Notably, the two wealthiest cities on the continent are in South Africa just as four South African cities make the top ten (Johannesburg, Cape Town, Durban and Pretoria). Lagos is the most populated city in Africa and a major contributor to the Nigerian economy, with international seaports and airports.

However, Lagos comes behind the likes of South Africa’s Johannesburg and Cape Town, as well as Egypt’s Cairo, in terms of wealth controlled.


In the same vein, Nigeria despite being the largest economy in Africa ranks third behind South Africa and Egypt with a total private wealth of $228 billion, and 10,000 millionaires. Meanwhile, on a per capita basis, Nigeria ranked 11th on the list with $1,100, while Mauritius was top on the list with $34,500.

Highlights

Africa’s total private wealth as of December 2021 stood at $2.1 trillion, with an estimate of 136,000 millionaires living in Africa, each with net assets of $1 million or more.
Total private wealth in Africa increased by 5% compared to $2 trillion recorded in the previous year. Although, apart from the year 2020 which was marred by the covid-19 pandemic, 2021 has been the lowest since 2015.

Approximately, there are 6,700 multi-millionaires living on the continent, each with net assets of $10 million or more in 2021.
Also, the report noted that there were 305 individuals on the continent with net assets of $100 million or more, while the number of billionaires stood at 21.
South Africa is home to over twice as many millionaires as any other African country, while Egypt has the most billionaires on the continent.

Africa’s two wealthiest cities are in South Africa. Johannesburg is the wealthiest, with a total private wealth of US$239 billion, while Cape Town in second place has a total private wealth of US$131 billion.

Notably, South Africa is home to the largest luxury market in Africa by revenue, followed by Kenya and then Morocco. Major components of this include luxury hotels and lodges, cars, clothing and accessories, watches, private jets and yachts.

Nairametrics reported in July 2022 that Nigerians got richer in 2021 based on income per capita, which rose to $5,250 from $5,000 recorded in the previous year, based on data from the World Bank. The increase was attributed to increased economic activities following the lockdown measures in the previous year to curb the spread of the covid-19 disease.

In 2021, Nigeria ranked as the largest economy in Africa with a total GDP of $440.78 billion, followed by South Africa and Egypt with GDP estimates of $419.9 billion and $404.1 billion respectively. Despite being the largest African economy, due to the huge population size of over 200 million, it ranked 17th in terms of per capita.

According to the report, it relied on wealth as a measure of financial health ahead of GDP because in many developing countries, a large portion of the GDP flows to the government, hence having little impact on private wealth creation.

What you should know

The total wealth held in Africa has fallen by 7% over the past decade (2011 to 2021) The performance was constrained by poor returns in the three largest African markets, namely South Africa, Egypt, and Nigeria.
In the 10-year review period, Mauritius was the fastest growing market in Africa, followed by Rwanda and Ethiopia.

https://nairametrics.com/2022/09/20/lagos-ranks-as-4th-wealthiest-city-in-africa-report/

Lagos on top!

What of Anambra and Adamawa


.

What of iragbiji

Moh247:



What of Anambra and Adamawa


.

From bottom to bottom

I was expecting Lagos to be the first

With the cocaine seizure Lagos should be first. Go and calculate again

They did not even add the billion vans

Moh247:



What of Anambra and Adamawa


.

we no see their face

No wonder igbos wan kolobi lagos

BATified2023:
we no see their face

No wonder igbos wan kolobi lagos

Moh247:



What of Anambra and Adamawa


.

What of Osun state Tinubu home state

MyVILLAGEpeople:


What of Osun state Tinubu home state

Tinubu is from Lagos but feel free to check Osun's GDP per capita, unemployment rate, check what Osun makes from solid minerals

What of cursed unpleasant anambra

Moh247:


Tinubu is from Lagos but feel free to check Osun's GDP per capita, unemployment rate, check what Osun makes from solid minerals

So Tinubu isn’t from Iragbaji ?

Moh247:



What of Anambra and Adamawa


.

There is a difference between city and state in any country.

Yet it is the second least liveable city in the world ? Lagos that is within the giant of Africa is not even the first? Meanwhile, what happened to the Lagos is the central hub of business investment?

Vaughanlanrewaj:
Lagos on top!

Lagos has always been in the top 4 in Africa. But is a shame that despite the large population, Lagos could only come 4th. That tells you how unproductive we are. Cairo with less than 10 million people is more productive than Lagos with over 20 million people. Accra, relative to the population is richer than Lagos.

Cool

Moh247:



What of Anambra and Adamawa


.

What of Iragbiji in Osun state? Even before your Tinubu was born, Lagos was top 4 in Africa. You guys need to do some reading.

tctrills:

What of Iragbiji in Osun state? Even before your Tinubu was born, Lagos was top 4 in Africa. You guys need to do some reading.

Tinubu Governed Lagos from 1999 to 2007 , let's talk about that, his achievements and track record

I am betting lagos owes more debt than Johannesburg and cairo combined. Lagos is a slum.

Some people are already crying inside because their region wasn't mentioned.

They're the usual suspects and they never disappoint.

Tinubu's Lagos always lead
May God continue to bless and protect Bola Ahmed Tinubu

Moh247:


Tinubu Governed Lagos from 1999 to 2007 , let's talk about that, his achievements and track record

You can talk about it, I am listening but first, you need to be honest, Lagos has been among the top 4 cities in Africa for over 100 years now. It's a shame that Lagos with over 21 million is behind Cairo with just over 9 million people.

Lagos can do more.

tctrills:
You can talk about it, I am listening but first, you need to be honest, Lagos has been among the top 4 cities in Africa for over 100 years now. It's a shame that Lagos with over 21 million is behind Cairo with just over 9 million people.

Lol

You people are funny... Lagos vs Cairo?

Egyptian civilisation VS Yoruba civilisation


Abeg don't compare Lagos to Cairo

We have managed the little resources, and built Infrastructure for the use of the entire Nigerians

Moh247:


Lol

You people are funny... Lagos vs Cairo?

Egyptian civilisation VS Yoruba civilisation


Abeg don't compare Lagos to Cairo

Why are you talking like a baby? When we talk about the Egyptian civilization, we are referring to a lost civilization. Again, Lagos has nothing to do with Yoruba civilization. Lagos as we know it is a modern city built by the Portuguese and fell into the hands of the British. The British then made it the center of their new colony. After the British left in 1960, the Nation Nigeria retained it as their center of commerce. The City remains the Nigerian longest serving capital and it has always been the headquarters of multinationals since the time of the British. Please know your history.

Moh247:


Lol

You people are funny... Lagos vs Cairo?

Egyptian civilisation VS Yoruba civilisation


Abeg don't compare Lagos to Cairo

We have managed the little resources, and built Infrastructure for the use of the entire Nigerians

Again we could compare Lagos a city of over 20 million people producing wealth worth $100 billion to Accra a city of 5 million people producing a wealth of $50 billion. We should do more in Lagos.

Moh247:


Lol

You people are funny... Lagos vs Cairo?

Egyptian civilisation VS Yoruba civilisation


Abeg don't compare Lagos to Cairo

We have managed the little resources, and built Infrastructure for the use of the entire Nigerians

Let's talk about Yoruba civilization. Before the coming of the whites, the biggest Yoruba civilization was the Oyo empire. Lagos or Eko was not a renowned kingdom or empire. It could not be compared to Egba or Ijebu.
The whites were responsible for making Lagos a city, not the Yorubas. And the entire Nigeria is responsible for the present Lagos, not Tinubu. We made Lagos the import capital of Nigeria. We made Lagos the investment hub. The Lagos airport, the Federal government infrastructure, The corporate world investments. Lagos has over 100 years gap on most Nigerian cities.

Moh247:


Tinubu is from Lagos but feel free to check Osun's GDP per capita, unemployment rate, check what Osun makes from solid minerals

U mean the same osun that has fewer businesses, bank branches, manufacturers than the city of onitsha abi are we talking about another osun

tctrills:

Let's talk about Yoruba civilization. Before the conowhereming of the whites, the biggest Yoruba civilization was the Oyo empire. Lagos or Eko was not a renowned kingdom or empire. It could not be compared to Egba or Ijebu.
The whites were responsible for making Lagos a city, not the Yorubas. And the entire Nigeria is responsible for the present Lagos, not Tinubu. We made Lagos the import capital of Nigeria. We made Lagos the investment hub. The Lagos airport, the Federal government infrastructure, The corporate world investments. Lagos has over 100 years gap on most Nigerian cities.

The white made Lagos a city how many years back " made a city " are talking about here?

Are you referring to lagos " of old that's not even up to two local gov or the latter Lagos that was conjoined with other SW states?/

If the Oyo empire could experience civilization like you agreed which is the old Yoruba empire why can't the same Yoruba replicate the same Lagos of today? The question is, why lagos, why Oyo empire if it's not in the blood?


Abuja, for over 30 of being the country's capital till this day could not compete with Lagos, wetin happen?


Dude, by the way, every country the British left were more or less partially developed before they did where are they today, those developments, and how come Lagos is still standing? Nah whimch be dat? You are comparing Lagos under British rule to that of today, na so infrastructure no dey decay?

Is Lagos the only state with one federal airport as of today?

And please, let's apply brain sometimes, no country grows or develops through importation, nowhere in the world has there been, importation kills the growth of a country and her economy.


You sef Hear yourself, Import capital

You are obviously from the East please take your importation elsewhere, what we need in SW is export capital.
Lmao

totit:


The white made Lagos a city how many years back " made a city " are talking about here?

Are you referring to lagos " of old that's not even up to two local gov or the latter Lagos that was conjoined with other SW states?/

If the Oyo empire could experience civilization like you agreed which is the old Yoruba empire why can't the same Yoruba replicate the same Lagos of today? The question is, why lagos, why Oyo empire if it's not in the blood?


Abuja, for over 30 of being the country's capital till this day could not compete with Lagos, wetin happen?


Dude, by the way, every country the British left were more or less partially developed before they did where are they today, those developments, and how come Lagos is still standing? Nah whimch be dat? You are comparing Lagos under British rule to that of today, na so infrastructure no dey decay?

Is Lagos the only state with one federal airport as of today?

And please, let's apply brain sometimes, no country grows or develops through importation, nowhere in the world has there been, importation kills the growth of a country and her economy.


You sef Hear yourself, Import capital

You are obviously from the East please take your importation elsewhere, what we need in SW is export capital.
Lmao

I don't understand much of what you wrote but just so you know, before 1960, Lagos was already the richest city in Nigeria. Lagos gave Abuja almost 80 years gap. Also, Abuja does not have a seaport.
Lagos has many years gap over all other cities. Lagos is not the only state with a federal airport but it has the biggest by far. It also has the biggest and most developed seaport.
The fact that no country grows or develops through importation means nothing here. Businesses would grow in a city where they have easy access to imports and exports and Lagos is the only city in Nigeria that has such infrastructure.
So before the whites came the biggest civilizations in Nigeria were Benin, Kano, and Borno. Lagos is a product of post-European coming. It is a product of the entire Nigerian nation. Nigerians have invested more into Lagos than any other city even before Tinubu was born.

So what is the population of Cairo Anamabra n Adamawa why can't the two state compete with Cairo at all

tctrills:
Lagos has always been in the top 4 in Africa. But is a shame that despite the large population, Lagos could only come 4th. That tells you how unproductive we are. Cairo with less than 10 million people is more productive than Lagos with over 20 million people. Accra, relative to the population is richer than Lagos.