Lagos, Abuja rank in top 25 cities with fast-growing millionaire populations

LAGOS, NIGERIA - DECEMBER 25: A view from Nigeria's Lagos city as people continuing their daily lives in crowded area amid the novel coronavirus (Covid-19) pandemic, on December 25, 2020. Vehicle and human density continues. People did not pay attention to social distancing in the city. (Photo by Adeyinka Yusuf/Anadolu Agency via Getty Images)

Nigeria’s commercial hub, Lagos, and capital city, Abuja, have been ranked among the top 25 cities with the fastest-growing millionaire populations worldwide in 2022, according to a new report by investment migration consultancy firm, Henley & Partners.

The Henley Global Citizens Report 2022 Q3 ranked Lagos number 7 worldwide and second in third in Africa, while Abuja is number 11 and fourth in Africa.

Zambia is ranked first in Africa and third globally.

According to the report, there are three billionaires (in dollars) in Lagos, 20 centi-millionaires (at least $100m), 330 multimillionaires (at least $10m) and 6,300 individuals worth at least $1 million.

Abuja on the other hand has no billionaire, 3 centi-millionaires, 30 multi-millionaires, 800 individuals worth at least $1 million.

Meanwhile, New York City has the highest number of rich people in the world.

Around 345,600 millionaires reside in the city, alongside 15,470 multi-millionaires who have assets worth over $10 million, 737 centi-millionaires (wealth of $100 million or more) and 59 billionaires, the report said, making the financial center of the U.S.  the wealthiest city in the world by a large gap.

The report finds that around 4% of New York’s 8.38 million citizens own investable assets – property, cash or stocks – worth over $1 million. The number drops significantly to 15,470 when assessing those who have more than $10 million in assets.

The total private wealth held by New York residents was found to exceed $3 trillion. Remarkably, that’s more than the total private wealth held in most major G-20 countries.

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