Lagos has the third highest number of millionaires on the continent. This is according to the latest annual New World Wealth report, which revealed the Nigerian city has 9 800 millionaires.
Lagos, which has a population of about 8 million, is third behind Johannesburg (South Africa) and Cairo, the Egyptian capital, in the list of cities with the largest concentration of millionaires.
Johannesburg topped the list with 23 000 millionaires at the end of 2012, followed by Cairo with 12 000 millionaires.
Four South African cities were placed in the top ten of the rankings. The report noted that South Africa’s increase represented growth of 9 percent from the 2011 fiscal year. Cape Town was ranked fourth with 9 000 millionaires. Durban had 2 700 while Pretoria was ranked in eighth place with 2 500 millionaires.