Lagos ranked 4th Wealthiest City in Africa

In a new report released by Africa Property News, it ranked Lagos as the 4th wealthiest city in Africa, coming behind Johannesburg, Cape Town, and Cairo.

In the report, Lagos was valued at $108 billion, while the other Nigerian city on the list – Abuja – was valued at $13 billion.

It was stated in this report that these ranking of the continent’s wealthiest cities is based on the The AfrAsia Bank Africa Wealth Report 2018. The overview “indicates where clusters of wealthy cities are developing across the continent, as well as showing a few more isolated locations of money aggregation.”

Top 10 Wealthiest African Cities 

10 cities in seven different countries make up the list of the wealthiest cities in the continent, South Africa remains the power house according to this list with four different cities making the top ten. Listed are the cities and the estimate

1. Johannesburg (South Africa) – $276 billion

This is the commercial capital of South Africa and the wider region and fits in perfectly as Africa's richest city, built on gold – on the Witwatersrand Gold Rush of 1886, to be exact.

2. Cape Town (South Africa) – $155 billion

Cape Town is the city with Africa's highest prime residential rates, at around $6,100 per square metre (similar to DC or Berlin). It is also an important hub for financial services, retail and tourism. 

3. Cairo (Egypt) – $140 billion

The only Egyptian city in this list. This is the biggest metropolis in the Middle East and some of the key sectors in this city of 9 million includes Real estate, financial services and construction.

4. Lagos (Nigeria) – $108 billion

Although no longer the country's capital but this amazing and busy city is still the gateway for 80% of Nigeria's exports – and the centre of the burgeoning film industry, a.k.a. Nollywood with about 21 million inhabitants according to 2016 estimate, it's Africa's largest metropolis, as well as one of the world's fastest-growing city. 

5. Durban (South Africa) – $55 billion

This is South Africa's third-biggest city (after Johannesburg and Cape Town), second-biggest manufacturing hub and biggest port, as well as a major tourist destination. 

6. Nairobi (Kenya) – $54 billion

Kenya's capital and largest city, Nairobi also known as the Green City in the Sun and home to thousands of Kenyan businesses, as well as the Nairobi Securities Exchange, Africa's 4th-largest stock exchange; and regional hub for hundreds of multinationals.

7. Luanda (Angola) – $49 billion

Luanda is the biggest city, the capital of Angola and the city with a major port with its metropolitan area home to one in three Angolans.

8. Pretoria (South Africa) – $48 billion

Pretoria is the centre for academia, Research and Development. Often regarded as the administrative capital of South Africa and the hub of the wider Tshwane metro area. It is also the centre of commerce and industry, including metalworks to car factories.

9. Casablanca (Morocco) – $42 billion

Officially ad-Dar al-Bayda in Arabic but informally known as Kaza. Casablanca is the largest city in the entire Maghreb region and its economic hub. It is an important area as major Moroccan and multinational companies are headquartered here rather than in the political capital Rabat. 

10. Accra (Ghana) – $38 billion

The capital of sub-Saharan Africa's first independent nation and a centre for manufacturing, marketing, finance, insurance, and transportation.

According to projected reports from the AfrAsia Bank, over the next decade, growth is expected to remain strong in South Africa, Angola, Morocco, Egypt, Ivory Coast, Tanzania and Nigeria but the strongest projected growth apply to some of the smaller countries in Africa: Uganda, Rwanda, Ghana and Mauritius.

It will be seen if this projected feat will eventually be achieved