Nigerian cities are not among the cities with the fastest-growing millionaires in AfricaA new report on World’s Wealthiest Cities revealed that the city of Kigali in Rwanda has the highest number of fast-growing millionaires in AfricaOther African cities like Accra in Ghana, Nairobi, and Mombasa in Kenya made the cut
The number of millionaires around the world has continued to grow as economies around the world develop.
Individual millionaires, with their wealth, can invest in businesses, properties, and other ventures, contributing to the growth of their countries worldwide.
BusinessInsider reports that the presence of wealthy people in a city can significantly impact the local economy. Their investments and contributions can create opportunities for growth and development.
A new report by Henley and Partners on the World’s Wealthiest Cities released recently shows commercial cities with the fastest-growing number of dollar millionaires.
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African cities with the fastest-growing millionaire population.
Credit: Peeter Viisimaa
Source: Getty ImagesReport tracks money movement across cities
The research examines global trends in the private wealth movement. It lists high-net-worth individuals with a net worth of at least $1 million, centi-millionaires, individuals with a net worth of over $100 million, and dollar billionaires.
The World’s Wealthiest Cities Report in 2023 on high-net-worth persons has the most global wealth centres, spanning 97 cities on nine continents.
The report provided by New World Wealth is the only independent research agency following trends in money movement across borders and cities.
The firm keeps track of the spending patterns of about 150,000 high-net-worth persons in its database, focusing on those with more than $10 million in investable assets.
The top cities are
Kigali RwandaMarrakech MoroccoMombasa KenyaTangier MoroccoNairobi KenyaCasablanca MoroccoWhale Coast South AfricaSwakopmund NamibiaAccra GhanaAddis Ababa Ethiopia3,000 Nigerians lost millionaire status as report reveals African countries with most millionaires in 2023
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Top 10 cities with highest number of millionaires in 2023, Lagos ranks low with 5,400
Legit.ng reported that a recent report has said that Nigeria experienced negative millionaire growth of about 30% from 2012 to 2022, which resulted in 2,949 persons losing their millionaire status in 10 years.
The report was disclosed in a Wealth Report complied by Henley and Partners.
The report said that Africa’s five biggest economies’ wealth markets include South Africa, Egypt, Nigeria, Kenya, and Morocco.
Source: Legit.ng
