Lagos ranked 3rd richest in Africa

The city of Lagos, Nigeria's commercial nerve
centre currently
ranks third in the league of cities with the highest
number of
millionaires in Africa, a report by the Oxford-based
wealth
consulting firm has said.
Lagos which is also widely acknowledged as the
most populous city
in Nigeria, the second fastest growing city in Africa
and the seventh
fastest growing city in the world, equally commands
a huge
presence of people from diverse cultures and race.

According to the annual New World Wealth update
report which
was released on Monday, Johannesburg topped the
list with
23,000 millionaires at the end of 2012, followed by
Cairo with
12,000 millionaires and Lagos with 9,800
millionaires respectively.
In addition, four South African cities were placed in
the top 10 of
the rankings and at 48,000 individuals, thereby
making her the
country with the highest number of millionaires in
the continent.

The report added South Africa's increase
represented growth of 9
per cent from the 2011 fiscal year.
Cape Town was ranked fourth with 9,000, Durban
had 2,700 while
Pretoria was ranked in the eighth place with 2,500
millionaires. The
report further stated that although the number of
millionaires in
other African countries was growing at a fast rate,
South African
cities were still expected to dominate the top 10 list
in 2020.

The report further projected that Johannesburg
millionaires would
grow to 30,000 by 2020 and would maintain its first
position, as
Lagos would only follow at a wide remove with
15,800 millionaires
then.

It equally predicted that Accra in Ghana would be
the fastest
growing city for Africa millionaires in the period to
2020, as the
number of millionaires would grow by 8 per cent a
year, while
Durban would have the fastest growth in South
Africa at 3.7 per
cent, adding that seven other cities will grow
millionaires faster
than it.
Pretoria's millionaires, according to the report,
would increase at
3.5 per cent a year and Johannesburg's at 3.4 per
cent.

Meanwhile, Cape Town did not feature in the list of
fastest growing
cities for millionaires in the next eight years.

The New World Wealth's list includes high-net worth
individuals
with net assets of $1 million or more, including their
primary
residence. The report also provides information and
customised
products to Africa's wealth sectors such as luxury
goods
companies, private banks and fund managers
among others. It has
a sample of more than 120,000 worldwide high-net
individuals on
its database.

Credit: nollyglam.com