Nigeria has been ranked as the third richest country in Africa with Lagos as the 4th richest city in the continent, according to the 2018 AfrAsia Bank Africa Wealth Report.
The West African country took the position with a value of $222 billion in privately owned assets.
South Africa becomes the wealthiest country in Africa with private property worth $722 billion, and Egypt on second with $330 billion
According to the report, Johannesburg in South Africa was named as the richest city in the continent with $245 billion.
It was followed by the Egyptian capital Cairo with $140 billion; Cape Town also in South Africa took third with $135 billion.￼
“Total wealth held in the city amounts to US$108 billion. Major sectors include basic materials, real estate and construction, telecoms, transport and financial services,” the report noted.
The report was made by calculating the worth of property, cash, equities and business interests.
It was also reported that the insight on wealth trends in Africa in the last 10 years.