Where Do Africa’s Multimillionaires Live?
Wealthy Nigerians used to travel abroad to get their fix of luxury goods.
However these days, they can take a stroll around Victoria Island, an exclusive neighborhood in Lagos where brands like Porsche, Hugo Boss and Ermenegildo Zegna line the streets.
The Nigerian city is among African metropolises which have seen some of the highest growth in the number of millionaires on the continent. Others include Luanda, Dar es Salaam and Accra, which is predicted to nearly double its millionaire count from 800 in 2012 to 1,500 in 2020.
If the growth continues, these cities could join an existing club of African wealth hubs hosting the so-called ultra-high net worth individuals, typically those with over $30 million of net assets excluding their primary residence. These centers of affluence are spread from Johannesburg in the south, through Lagos in the west and Nairobi in the east, to Cairo in the north.