Mauritius commercial bank, AfrAsia Bank and New World Wealth has ranked Lagos state third among cities with the most millionaires in Africa.

According to the report, Lagos has about 9,100 millionaires.

Ranked number one is South Africa with 23,400 millionaires, while Cairo in Egypt comes second with 10,200 millionaires.

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

It estimates there are close to 163,000 millionaires living in Africa, with a combined wealth of $670bn (£440bn).