Africa, Nigeria

Lagos is named as one of the top five fastest-growing African cities

Lagos was cited as one of the cities with the fastest population growth in a recent report by Henley and Partners, a residency and citizenship firm, in collaboration with New World Wealth, a global wealth intelligence firm based in South Africa.

According to the number of millionaires living in each city in 2022, the list named 20 of the wealthiest cities in the world.

New York, Tokyo, San Francisco, London, Singapore, Los Angeles, Chicago, Houston, Beijing, Shanghai, Sydney, Hong Kong, Frankfurt, Toronto, Zurich, Seoul, Melbourne, Dallas, Geneva, Paris, and Dubai are among the cities listed.

In a new section of the report, high-net-worth individuals’ fastest-growing cities and towns worldwide between January and June 2022 were listed. Riyadh, Sharjah, Dubai, Luanda, Abu Dhabi, Doha, and Lagos were on this list. Most of the cities on this list have a significant oil and gas industry. However, Lagos’ secondary and tertiary industries account for the lion’s share of its wealth.

Based on its current GDP, Nigeria, the richest nation in Africa, has Lagos as its economic hub. This megacity, which has a population of about 30 million, has one of Africa’s highest concentrations of millionaire residents.

Most millionaires reside in the following African cities:

Johannesburg, South Africa: 15,200.
Cairo, the capital of Egypt, has a population of 7,800.
Capetown, South Africa: 6800
Lagos, Nigeria: 6300
Nairobi, Kenya: 5000
Lagos, however, saw an increase in the number of millionaires there during the year under review, earning it a spot on the New World Wealth report.

More than 50% of Nigeria’s non-oil GDP and 26.7% of the country’s overall GDP were contributed by the Lagos Gross Domestic Product (GDP). Lagos is home to more than 50% of Nigeria’s non-oil industrial capacity. The Nigerian Stock Exchange [NSE] is also located there. It generates more than 50% of Nigeria’s port revenues and over 80% of the nation’s foreign trade flows. Lagos’s estimated GDP is N27.125 trillion ($145.141 billion). according to the official website of the Lagos State Government.

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