In a recent report by Henley and Partners, a residency and citizenship firm in partnership with New World Wealth, a global wealth intelligence firm based in South Africa, Lagos was listed as one of the fastest-growing cities worldwide via a millionaire population index.
The list cited 20 of the wealthiest cities in the world as per the number of millionaires residing in the city, in 2022.
The cities listed include; New-York, Tokyo, San-Francisco, London, Singapore, Los Angeles, Chicago, Houston, Beijing, Shanghai, Sydney, Hong Kong, Frankfurt, Toronto, Zurich, Seoul, Melbourne, Dallas, Geneva, Paris, and Dubai.
The report added a different section that listed the fastest growing cities and towns for high-net-worth individuals globally between January and June 2022. In this list were; Riyadh, Sharjah, Dubai, Luanda, Abu Dhabi, Doha, and Lagos. This list is majorly comprised of cities with a strong oil and gas industry. However, Lagos gets the majority of its wealth from its tertiary and secondary sectors.
Lagos is the economic center of Africa’s richest country based on its current GDP. With a population of around 30 million people, this mega city boasts one of the greatest concentrations of dollar millionaires in Africa.
Cities in Africa with the most millionaires include:
- South Africa’s Johannesburg: 15,200.
- Egypt’s capital Cairo: 7,800.
- South Africa’s Cape Town: 6800
- Nigeria’s Lagos: 6300
- Kenya’s Nairobi: 5000
However, during the year under review, Lagos has seen a rise in the number of millionaires it has, earning it a place on the New World Wealth report.
The Lagos Gross Domestic Product [GDP] accounted for 26.7% of Nigeria’s total GDP and more than 50% of non-oil GDP. Over 50% of Nigeria’s non-oil industrial capacity is located in Lagos. It is also home to the Nigerian Stock Exchange [NSE]. It accounts for over 80% of the country’s foreign trade flows and generates over 50% of Nigeria’s port revenues. The estimated GDP of Lagos was put at N27.125trillion [$145.141billion. According to the Lagos State Government’s official website.