TheCable

There are at least 9,100 dollar-millionaires in Lagos, West Africa’s commercial capital, with about 1,000 each in Abuja and Port Harcourt – two other major cities in Nigeria.

According to a recent report on the financial strength of African cities, Lagos ranked number three on of the list of cities with the highest number of millionaires, behind Johannesburg and Cairo.

The Afrasia report released on Thursday, titled, ‘The top African cities for millionaire’, states that there are about 163,000 millionaires living in Africa.

“There are approximately 163,000 millionaires living in Africa (as of June 2015), with combined wealth holdings of US$670 billion,” the report stated.

“Every millionaire on the list is worth at least a million US dollar, an equivalent of about N200 million. Johannesburg is the top African city for millionaires. There are also sizable millionaire populations living in Cairo, Lagos and Cape Town.”

The report forecasts that by 2025, the number of dollar-millionaires in Lagos would have risen 46 percent to 13,300, but would still lag behind Accra, Nairobi and Durban.

“Among major cities for millionaires, Accra is expected to be the fastest-growing, going forward,” the report adds.

Some other cities highlighted in the report include Cape Town with 8,900; Luanda, 4900; Pretoria, 2,500; Casablanca, 2,400; Algiers, 2,000; Alexandria, 2,000; Dar Es Salaam, 1,200; Abidjan, 1,100; Bamako, 500.

Afrasia Bank is a commercial bank in Mauritius.