Lagos ranked West Africa's wealthiest city, 4th in Africa - Report

Nigeria's commercial capital, Lagos, is West Africa's wealthiest city according to a 2020 report published by New World Wealth for Mauritius-based AfrAsia Bank.

Lagos placed 4th on a list that was dominated by South Africa, which took four slots in the top 10 10 wealthiest cities on the continent.

Lagos is the most populous city in Africa with over 22 million inhabitants and its wealth is estimated to stand at $96 billion. According to the report, it has 2 dollar billionaires and some 5,400 millionaires.

The Africa Wealth Report ranks the wealthiest cities in Africa in terms of private wealth held.

The report is and defines the "total wealth" of a city as the private wealth held by all the individuals living in it.

It includes all their assets (property, cash, equities, business interests) less any liabilities. Government funds are excluded from the calculation.

The data is for December 2020 and, therefore, takes into account the impact of the coronavirus outbreak.

Top 10 wealthiest cities in Africa:

1. Johannesburg

2.Cape Town

3. Cairo

4. Lagos

5. Durban

6. Nairobi

7. Pretoria

8. Luanda.

9. Casablanca

10. Accra