A report by research firm, New World Wealth and Henley & Partners, has ranked Nigeria’s commercial capital, Lagos, fourth in terms of the number of dollar millionaires in Africa.
The latest Henley Global Citizens Report, which tracks private wealth migration trends worldwide, shows Lagos has 6,300 High Net Worth Individuals (HNWI) with at least $1 million.
The report shows South Africa’s business hub Johannesburg has 15, 200 dollar millionaires – the most in Africa – followed by Egypt’s capital Cairo, which has 7,800 HNWIs.
Another South African city, Cape Town, has the third largest concentration of wealthy individuals on the content with 6,800 HNWIs followed by Lagos and Nairobi which have 6,300 and 5,000 HNWIs respectively.
However, no African city made it to the list of top 20 cities globally that have the highest number of dollar millionaires. The list was dominated by US cities.
The US’s most populous city, New York, has the largest concentration of dollar millionaires in the world, home to 345,600 HNWIs, followed by Tokyo and the San Francisco Bay Area with 304,900 and 276,400, respectively.
Henley & Partners Chief Executive, Juerg Steffen, noted that 14 of the top 20 wealthiest cities in the world are in countries that host formal investment migration programmes, and actively encourage foreign direct investment in return for residence or citizenship.
“The right to live, work, study, and invest in leading international wealth hubs such as New York, London, Singapore, Sydney and Toronto can be secured via residence by investment. Individuals of talent and means should not limit their lives and business interests to one country,” said Dr Steffen.
“Being able to relocate yourself, your family, or your business to a more favourable city or have the option to choose between multiple residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients,” he said.