A new report has ranked Lagos fourth among the ten wealthiest cities in Africa with a cumulative wealth of $108 billion, ahead of Abuja.
The report was based on the the AfrAsia Bank Africa Wealth Report 2018 and was published on property news outlet, africapropertynews.com, according to reports.
The report pointed out that Lagos is still the gateway for 80 percent of Nigeria’s exports and one of the world’s fastest-growing cities, even though it is not Nigeria’s capital.
The report, however, placed South Africa as the most developed nation on the continent, with four of Africa’s ten richest cities; showing that it still boasts the main concentration of wealth in Africa.
South Africa’s commercial capital, Johannesburg, valued at $276 billion, was named Africa’s richest city. In second place was another South African city, Cape Town, which was valued at $155 billion and described as the city with the highest prime residential rates in Africa.
In third place was Cairo (Egypt) with a $140 billion value, and then Lagos occupied the fourth spot.
Durban (South Africa) $55 billion, Nairobi (Kenya) $54 billion and Luanda (Angola) $49 billion, also made the list.
Pretoria (South Africa), at $48 billion, took the eight spot, Casablanca (Morocco) was ninth with $42 billion and the 10th spot was taken by Accra (Ghana) with $38 billion.