Lagos, the former capital of Nigeria has been ranked the fourth wealthiest city in Africa.
In a report by AfrAsia Bank and New World Wealth, Lagos, considered to be home to
US$120 billion Africa’s wealth, is only topped by two South-African cities; Johannesburg and Cape Town as well as Egyptian city of Cairo.
Four billionaires in dollars are mentioned to be resident in Lagos, with 360 multi-millionaires and 6,800 million
Two Forbes-recognized wealthiest Nigerians, Femi Otedola of Zenon Oil and Mike Adenuga of Globacom reside in Lagos.Africa’s richest man, Aliko Dangote also has investment in the city.
The report says by “Total wealth”, it refers to the “private wealth held by all the individuals living in each city. It includes all their assets (property, cash, equities and business interests) less any liabilities. We exclude government funds from our figures.”
Cities ranked below Lagos include, Nairobi in Kenya, Luanda, Durban, Pretoria, Casablanca and Accra.
While Nigeria, Ghana, Morocco, Egypt, Angola and Kenya have a city each to their fortune consideration, South-Africa has five of its cities listed, making it the richest country in Africa.