South Africa's commercial hub Johannesburg has more millionaires than any other city in the continent, according to a new study.
Nigeria's Lagos was second with its 15,800 millionaires, just about half of the 30,600 millionaires Johannesburg recorded while Egypt's capital Cairo came third 15 000, the study by 'New World Wealth' found out.
Johannesburg showed a huge jump from last year, when there were only 23,400 millionaires in the city. Three other South African cities- Cape Town, Durban and Pretoria- also feature in the top ten. This may be attributed to the fact that South Africa is the largest economy in Africa.
However, economists predicted that the rapidly emerging economies of West African countries, fuelled by commodity trade, could soon catch up.
