One ex-capital city is home to 4,200 millionaires and two billionaires, making it the richest city in West Africa, and the fifth wealthiest city in the whole continent. In this sprawling city, 4,200 residents have over $1million to their name, 12 have more than $100million, and there are two billionaires, according to the Africa Wealth Report 2024 by Henley and Partners.

Lagos, the capital of Nigeria until 1991 and the most populated city in Africa, is the base for the Nigerian Stock Exchange, and multi-national giants like the Dangote Group, owned by Aliko Dangote – a man estimated to be worth over $23.9billion (£18.8billion).

Nearly half of Nigeria’s wealthiest live in Lagos, as the country itself has 8,200 millionaires and three billionaires, making it Africa’s third wealthiest country, behind South Africa and Egypt. However, in the decade from 2013 to 2023, Lagos’ millionaire population shrunk by 48%, the biggest drop seen among all the top 20 cities on the list.

Source: EXPRESS