Lagos ‘loses’ 1,800 dollar-millionaires as its wealth shrinks by 27% in five years

The total wealth of individuals living in Lagos state contracted by 27% in the last five, the Africa Wealth Report has shown.

Nigeria’s commercial capital also lost two dollar-billionaires, 100 multi-millionaires, and 1,800 millionaires from 2017 to 2021. 

The 2021 Africa Wealth Report recently released by the AfrAsia Bank and the New World Wealth (NWW) ranks Lagos as the fourth wealthiest city in Africa. According to the report reviewed by TheCable, the total wealth held in the city of Lagos amounts to $88 billion.

The report, which was produced by a global market research group in Johannesburg, South Africa, defines total wealth as the private wealth held by individuals living in a city. This includes all their assets – property, cash, equities, business interests – less any liabilities, and excluding government funds.

Lagos state has maintained the fourth position from 2017 till date, with Johannesburg maintaining the number one spot as the wealthiest city in Africa.

In the 2017 report, Lagos total wealth stood at $120 billion. The city’s wealth reduced to $108 billion in 2018 and even went lower in 2019 to $96 billion. 

By 2020, Lagos was still ranked fourth in Africa, but the city’s wealth went lower and stood at $88 billion.

2021 Africa's Top 10 Richest Cities

Johannesburg: $226bn

Cape Town : $123bn

Cairo: $118bn#Lagos: $88bn

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Durban: $55bn

Nairobi: $47bn

Paarl, Franschhoek & Stellenbosch: $47bn

Pretoria: $42bn

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Casablanca: $39bn

Accra: $34bn

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<Africa Wealth Report>#TheCableIndex pic.twitter.com/6NKatE4mbX

— TheCableIndex (@thecableindex) June 2, 2021

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ABUJA HAS NO DOLLAR-BILLIONAIRES

The Federal Capital Territory (FCT), Abuja, is the 19th richest city in Africa with an estimated wealth of $10 billion, according to the 2021 report.

This means Lagos has more than eight times the wealth of the country’s capital.

The city of Abuja accommodates 40 multi-millionaires and 600 millionaires with no billionaires in dollars.

There was a reduction in the number of billionaires, multi-millionaires and millionaires in Lagos. 

In 2017, Lagos state made residence for four billionaires in dollars, with 360 multi-millionaires and 6,800 millionaires. 

In 2021, those figures have reduced, Lagos now accommodates only two billionaires in dollars, with 260 multi-millionaires and 5,000 millionaires.