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Lagos among 10 richest cities in Africa, Abuja not listed

A new report has ranked Lagos ahead of Abuja fourth among the ten wealthiest cities in Africa with a commulative wealth of  $108 billion.

The report published on property news outlet africapropertynews.com was based on the The AfrAsia Bank Africa Wealth Report 2018.

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The report said although Lagos is Nigeria’s capital, it still is the gateway for 80 per cent of Nigeria’s exports and one of the world’s fastest-growing cities.

The report showed that South Africa still boasts the main concentration of wealth in Africa.

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South Africa was placed as the most developed nation on the continent, with four of Africa’s ten richest cities.

Johannesburg  South Africa’s commercial capital valued at $276 billion was named Africa’s richest. It came first in the ranking  followed by  Cape Town valued at $155 billion and described as the city with the highest prime residential rates in Africa.

Cairo (Egypt) with $140 billion value was ranked third and then followed by Lagos.

Other cities that made the list include: Durban (South Africa) $55 billion, Nairobi (Kenya) $54 billion and Luanda (Angola) $49 billion.

Also named at 8th position was Pretoria (South Africa) $48 billion, Casablanca (Morocco) $42 billion and Accra (Ghana) $38 billion at 10th position.


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