There are 9100 dollar millionaires in Lagos

This is according to a report by AfrAsia Bank and global wealth intelligence and market research company, New World Wealth.

There are reportedly 9,100 dollar millionaires in Lagos, Nigeria’s commercial capital.

This is according to a report by AfrAsia Bank and global wealth intelligence and market research company, New World Wealth

Lagos is ranked third on the list of African cities with the highest dollar millionaires and only falls behind South Africa’s Johannesburg, which has 23,400 millionaires, and Egypt's Cairo which has 10,200.

The report also estimates that Africa is home to about 163,000 millionaires, who have a combined wealth of $670bn (£440bn).

The study defines millionaires as people with net assets worth at least $1m (£650,000).

Nigeria has been named as Africa’s number one economy but only recently got the accolade.

South Africa, on the other hand, is the most industrialized economy in Africa and its capital, Johannesburg is commonly known as the “city of gold” due to its beginnings as a gold-mining town.

According to the 2014 New World Wealth Report, the number of dollar millionaires in Nigeria is expected to jump to 23,000 by 2017, after increasing by 44 percent over the past six years to 15,700 in 2013.