Lagos, the economic center of Nigeria, was ranked as the fourth wealthiest city in Africa with a total private wealth of $97 billion. This information may be found in the Africa Wealth Report 2022, which Henley & Partners and New World Wealth jointly published.
Lagos was fourth after Johannesburg, Cape Town, Cairo, and Johannesburg, who took the top three spots, respectively. Notably, South Africa is home to two of the continent’s wealthiest cities, as well as four of the top 10 cities (Johannesburg, Cape Town, Durban, and Pretoria). With international seaports and airports, Lagos is the most populous metropolis in Africa and a significant economic force in Nigeria.
In terms of wealth control, Lagos is behind cities like Johannesburg and Cape Town in South Africa, as well as Cairo in Egypt.
In a similar vein, Nigeria, which has the largest economy in Africa, comes in third with $228 billion in total private wealth and 10,000 millionaires, behind South Africa and Egypt. On a per capita basis, Mauritius came out on top with $34,500, while Nigeria came in at number eleven with $1,100.
With a projected GDP of $440.78 billion, Nigeria had the largest economy in Africa in 2021, followed by South Africa and Egypt, whose GDPs were estimated to be $419.9 billion and $404.1 billion, respectively. Due to the enormous population of nearly 200 million people, which made up the largest African economy, it was placed 17th in terms of per capita income.
The research claims that it relied on wealth rather than GDP as a gauge of financial health since, in many emerging nations, a sizable amount of the GDP goes to the government and has little bearing on the accumulation of private wealth.
