Lagos, Nigeria’s commercial hub, has been ranked as the richest city in West Africa, hosting 4,200 millionaires and two billionaires, according to the Africa Wealth Report 2024.
The city, home to the Nigerian Stock Exchange and major multinational companies like the Dangote Group, remains a financial powerhouse despite economic challenges. Nigeria, as a whole, ranks as Africa’s third wealthiest nation, with 8,200 millionaires and three billionaires, following South Africa and Egypt.
However, from 2013 to 2023, Lagos experienced a 48% decline in its millionaire population—the largest drop among the top 20 wealthiest cities in Africa. Experts attribute this to currency depreciation, underperforming stock markets, and high-net-worth individuals (HNWIs) migrating abroad. The Nigerian Naira has lost over 75% of its value against the dollar in the past decade.
In contrast, cities such as Cape Town, Kigali, Windhoek, Nairobi, and Marrakech are projected to see significant millionaire growth by 2033, signaling shifting wealth trends across the continent.