Lagos is Nigeria’s commercial capital and for a lot of reasons, that makes people assume that there are a tonne of millionaires roaming around there.
Well, according to a new report by AfrAsia Bank and global wealth intelligence and market research company, New World Wealth, that may not be the case as the number of dollar millionaires in Lagos may not be what you’re expecting.
The study defines millionaires as people with net assets worth at least $1m (£650,000) and according to the report, there are only 9,100 millionaires in Lagos.
Lagos is ranked third on the list of African cities with the highest dollar millionaires and falls behind Johannesburg, which has 23,400 millionaires, and Egypt’s Cairo which has 10,200.
The report also estimates that Africa is home to about only 163,000 millionaires, who have a combined wealth of $670bn (£440bn).
According to the 2014 New World Wealth Report, the number of dollar millionaires in Nigeria is expected to jump to 23,000 by 2017, after increasing by 44 percent over the past six years to 15,700 in 2013.