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

The Cable

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.

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