Nigeria Missing Among Top 10 Richest Cities, Fastest Growing Millionaires

A new report has revealed that Nigeria is missing from the world  richest cities, as well as cities with the fastest growing millionaire, with the United States and Arab region dominating both lists. 

The United States accounted for the highest number of cities on the list of richest cities in the world. Five American cities were listed; New York, San Francisco Bay Area, Los Angeles, Chicago, and Houston. 

Other countries that came close are China, accounting for two; Beijing and Shanghai. Japan was represented by Tokyo, UK had London, and Singapore also joined the list. 

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Breakdown of cities with highest number of millionaires 

The report on world richest cities, done by investment migration consultancy firm, Henley & Partners, disclosed that the top is occupied by New York, which has the highest number of millionaires, accounting for 345,600, Tokyo has 304,900 millionaires, San Francisco Bay Area 276,400, London 272,400 millionaires, Singapore 249,800. 

1. New York, U.S. (345,600)
2. Tokyo, Japan (304,900)
3. San Francisco Bay Area, U.S. (276,400)
4. London, United Kingdom (272,400)
5. Singapore, Singapore (249,800)
6. Los Angeles, U.S. (192,400)
7. Chicago, U.S. (160,100)
8. Houston, U.S. (132,600)
9. Beijing, China (131,500)
10. Shanghai, China (130,100)

Meanwhile on the list of cities with the fastest growing millionaire, the United States is missing in the top five, despite dominating the richest cities in the world. 

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Despite Nigeria being an oil-producing nation, the country was missing from the list, considering the cities listed were driven by boom in their oil and gas industries on the back of rising energy prices, which has improved their stock markets. 

Saudi Arabia’s Riyadh, United Arab Emirates’ Sharjah and Dubai, Zambia’s Lusaka and Angola’s Luanda occupied the top five, as their wealthy population rose by 20% in the first half of 2022.

Fakoyejo Olalekan

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