- A new report has ranked Lagos as one of the cities in Africa with the highest number of millionaires
- The list shows that Lagos has over 6,300 millionaires residents, and it is the fourth largest in Africa
- The United States dominates the list of the world's top 20 wealthiest cities, with six American cities on the list
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Lagos has been named the fourth richest city in Africa, with 6,300 persons worth over $1 million and three residents worth more than $1 billion.
The report further added that the number of high-net-worth individuals in Lagos has increased by 22%, with 330 people now having fortunes worth more than $10 million and 20 having fortunes worth more than $100 million.
Lagos, compared to other African cities
According to Henley, Johannesburg is the richest city in Africa with 15,200 millionaires, out of which two are billionaires
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Cairo capital city of Egypt, came second, with 7,800 millionaires, while Cape Town, another South African city, has 6,800, similar to Lagos but with more multi-millionaire.
Nairobi rounds out the top five with 5,000 millionaires, 240 multi-millionaires and 100 centi-millionaires.
Abuja is another Nigerian city captured in the report, with 800 millionaires, 30 multi-millionaires, and 3 centi-millionaires, but no billionaires.
What makes a millionaire?
The report defines a millionaire as someone with investable assets worth millions or more.
This includes cash, savings accounts and investments in stocks, government bonds and mutual funds.
World richest cities
Globally, New York leads with 345,600 millionaires, including 737 millionaires with a net worth of $100 million or more and 59 billionaires.
Tokyo came in second, with 304,900 millionaires and 12 billionaires.
The others in the top five are London, San Francisco, and Singapore.
In addition to New York and San Francisco (3rd place), four other American cities made the list of the 20 richest cities based on the number of millionaires who live there: Los Angeles (6th), Chicago (7th), Houston (8th), and Dallas (18th).
9 countries in Africa where it expensive to rent one room apartments
Legit.ng reported that One of the essential needs of humans is shelter, which hardly comes cheap.
Many African countries resort to shanties because of a lack of affordable housing and their inability to afford rent.
According to Investopedia, the property price to income ratio is the ratio of the median home price to the median annual household income.