In a new report released by London-based consultancy, Henley & Partners, Lagos has been ranked 72nd on the list of the world’s wealthiest cities in 2023. The report ranked the cities by taking into account the number of resident millionaires as of December 31, 2022, with New York, Japan’s Tokyo, and Silicon Valley’s Bay Area claiming the first, second, and third spots, respectively.
The report, titled ‘The World’s Wealthiest Cities Report 2023’, covered 97 cities across the world and was dominated by cities in the United States and China. Lagos was the only Nigerian city to make the list, with South Africa’s Johannesburg ranked the wealthiest city in Africa.
According to Henley & Partners, the report used data from wealth intelligence firm, New World Wealth, which tracks the movements and spending habits of high-net-worth individuals with work titles like Founder, Chairperson, CEO, and Director. The report also considered the number of highly-priced homes in the area.
This ranking is a testament to Lagos’ growing economy and increasing wealth. Despite the challenges faced by the city, Lagos has proven to be a desirable destination for millionaires and high-net-worth individuals.
