Nigerian City Makes The List of 10 African Cities With Highest Number of Dollar Millionaires in 2024
- South African cities continue to dominate the list of African cities with the highest number of dollar millionaires in 2024
- A new report shows that the Nigerian city of Lagos is fifth on the index with about 4,200 dollar billionaires
- Experts say Nigeria’s devaluation of its currency dealt a deadly blow to its millionaires whose wealth either evaporated or shrunk
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
African millionaires primarily reside in urban areas and economic hubs, offering access to better infrastructure, business opportunities, and a higher living standard.
Many factors contribute to a city’s well-being, including safety and security, low crime rates and effective law enforcement.
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South Africa leads African cities with top millionaires
A good location, such as access to beaches or mountains, adds to a city’s appeal. Good governance, including efficient and transparent local government, is critical to a city’s survival.
According to Henley and Partners’ Insights into Africa’s Wealthiest Cities, South African cities lead in hosting Africa’s wealthiest persons.
South Africa, the continent’s largest economy by GDP, maintains the top position, with about six cities having the highest number of dollar millionaires.
The International Monetary Fund (IMF) has disclosed that South Africa will remain Africa’s biggest economy until 20027.
The Henley and Partners report presents Africa's ten wealthiest cities and areas.
Lagos ranks high
Lagos, Nigeria’s commercial melting point, ranked fifth on the index, indicating Nigeria’s economic struggles.
Experts say Nigeria’s currency devaluation dealt a deadly blow to its millionaires, whose wealth evaporated or shrunk due to government policies.
Reports show that the Nigerian currency has depreciated by over 70% in the last 11 months, down from N986 per dollar to N1,680.
The naira’s struggle has also led multinationals to exit the country. They cite the naira’s devaluation as the reason.
African cities with highest dollar millionaires
- Johannesburg - 12,300
- Cape Town - 7,400
- Cairo - 7,200
- Nairobi - 4,400
- Lagos - 4,200
- The Cape Winelands - 3,600
- Durban, Umhlanga, and Ballito - 3,500
- The Garden Route - 3,200
- Casablanca - 2,800
- Pretoria - 2.100
Dangote gets new position on world's billionaire list
Legit.ng earlier reported that Nigerian billionaire Aliko Dangote climbed higher on the world's billionaire list after opening the new week strong.
According to the Bloomberg Billionaires Index, Dangote made $2.32 million, or N3.90 billion, on Monday, November 25, 2024.
His new wealth helped push him two places to the 66th position in the world's billionaire ranking.
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Source: Legit.ng
