A new report has revealed the total number of millionaires in the commercial nerve-centre of the country.
According to a new report by AfrAsia Bank and global wealth intelligence and market research company, there are only 9,100 millionaires in Lagos State.
The study which defines millionaires as people with net assets worth at least $1m (£650,000), reveals that the figure is not as large as expected.
The report revealed that Lagos is ranked third on the list of African cities with the highest dollar millionaires and falls behind Johannesburg, which has 23,400 millionaires, and Egypt’s Cairo which has 10,200.
The report also revealed Africa is home to about only 163,000 millionaires, who have a combined wealth of $670bn (£440bn).