Lagos, Nigeria’s lively hub, has earned the astounding rank of Africa’s fifth wealthiest city, according to Henley & Partners’ most recent Africa Wealth Report 2024.
This thriving metropolis, which is also the continent’s most populous city, has a large number of high-net-worth individuals, totaling up to 4,200 millionaires.
Despite a minor decline from fourth place last year, when it had 5,400 millionaires, Lagos remains a key economic powerhouse in the area. The city’s diverse mix of cultures and intense economic activity make it a vital hub for both domestic and foreign industries, paving the way for its distinguished ranking among Africa’s wealthiest cities.
Lagos is more than just a city. It is the economic lifeline of Nigeria. With more than half of the country’s wealthy, it’s easy to see why this city is so prominent. The presence of African global firms such as Dangote Group and Zenith Bank highlights Lagos’ importance as an economic hub. These businesses, along with others in industries including as oil and gas, finance, and transportation, contribute to the city’s wealth and assist to maintain its economic momentum.
While Lagos shines brightly, it is part of a larger tapestry of rich cities on the continent. Johannesburg and Cape Town in South Africa, Cairo in Egypt, and Nairobi in Kenya take the top rankings. Johannesburg leads with an astonishing 12,300 millionaires, followed by Cape Town and Cairo.
Nairobi, very slightly ahead of Lagos, has 4,400 millionaires. This ranking not only reveals economic differences across the continent, but it also identifies locations where money is quickly rising.
The future looks promising for Africa’s millionaires, with a projected 65% growth by 2030. This expansion is expected to be fueled by industries such as finance, eco-tourism, and software development.
Lagos’ continued success as a transportation and financial services hub will likely contribute significantly to this growing trend. Lagos’ strategic role in these emerging industries demonstrates its ability to rise even higher in the ranks of Africa’s wealthiest cities.
