There are currently 4,200 millionaires in the city, down from 5,400 the previous year, which means that 1,200 high-net-worth individuals have left the area.
Despite this decline, Lagos—which is home to more than half of Nigeria’s millionaires—remains a key hub in the continent’s economy.
Major African multinational corporations, including as Zenith Bank and the Dangote Group, rely heavily on the city, which has important sectors in the transportation, financial services, oil and gas, and basic materials industries.
Johannesburg and Cape Town in South Africa, Cairo in Egypt, and Nairobi in Kenya are the top four cities in the 2024 rankings, with 12,300, 7,400, 7,200, and 4,400 millionaires, respectively.
On the other hand, with less than 1,200 millionaires apiece, places like Dar Es Salaam, Tangier, Algiers, Grand Baie, and Kigali are at the bottom of the list.
The future for Africa’s high-net-worth people is positive notwithstanding the existing numbers.
According to the survey, the number of millionaires in the continent is expected to rise by 65 percent by 2030, primarily due to economic growth in a few major cities.
H & P stated, “We anticipate that the primary sectors generating wealth will be fintech, eco-tourism, BPO, software development, rare metals mining, green tech, media and entertainment, and wealth management.”