Within the past five years, the wealth of Lagos-based millionaires has shrunk by over 27 percent, latest data from the Africa Wealth Report has shown.
The mega city has also lost two dollar-billionaires, 100 multi-millionaires, and 1,800 millionaires from 2017 to 2021.
Also, the report, which was recently released by the AfrAsia Bank and the New World Wealth (NWW), ranks Lagos as the fourth wealthiest city in Africa. The data shows that the total wealth held in the city of Lagos amounts to $88 billion.
The report, which was produced by a global market research group in Johannesburg, South Africa, defines total wealth as the private wealth held by individuals living in a city. This includes all their assets – property, cash, equities, business interests – less any liabilities, and excluding government funds.
Lagos state has maintained the fourth position from 2017 till date, with Johannesburg maintaining the number one spot as the wealthiest city in Africa.
In the 2017 report, Lagos total wealth stood at $120 billion. The city’s wealth reduced to $108 billion in 2018 and even went lower in 2019 to $96 billion.
By 2020, Lagos was still ranked fourth in Africa, but the city’s wealth went lower and stood at $88 billion.
Significantly, there was a reduction in the number of billionaires, multi-millionaires and millionaires in Lagos.
In 2017, Lagos state made residence for four billionaires in dollars, with 360 multi-millionaires and 6,800 millionaires.
In 2021, those figures have reduced, Lagos now accommodates only two billionaires in dollars, with 260 multi-millionaires and 5,000 millionaires.
