( CNN ) Wealthy Nigerians used to travel abroad to get their fix of luxury goods . However these days , they can take a stroll around Victoria Island , an exclusive neighborhood in Lagos where brands like Porsche , Hugo Boss and Ermenegildo Zegna line the streets . The Nigerian city is among African metropolises which have seen some of the highest growth in the number of millionaires on the continent . Others include Luanda , Dar es Salaam and Accra , which is predicted to nearly double its millionaire count from 800 in 2012 to 1,500 in 2020 . If the growth continues , these cities could join an existing club of African wealth hubs hosting the so-called ultra-high net worth individuals , typically those with over $ 30 million of net assets excluding their primary residence . These centers of affluence are spread from Johannesburg in the south , through Lagos in the west and Nairobi in the east , to Cairo in the north . This emerging class of Africa 's new millionaires has been pushing the demand for luxury products across the continent , with sales of high-end products growing by a third between 2008 and 2013 . However , they are no longer concentrated in southern Africa , traditionally the wealthiest part of the continent . Nigeria is now one of the fastest growing markets for French Champagne and digital televisions according to a report by Deloitte , and in 2013 LVMH 's seven Nigerian branches outsold its 600 South African stores . `` Africa is one of the fastest growing regions in terms of middle class , '' says Fflur Roberts , head of luxury at Euromonitor , a market research provider . `` It 's due to a mix of rising incomes , rising population but also growth slowing in other emerging markets . '' Luxury brands tend to enter country markets through distributors , benefiting from local knowledge of their partners but still retaining a significant amount of control over how their name is marketed in that country . `` Getting a new brand in a new market where they do n't fully understand the operating environment would be very dangerous for that brand , '' explains Roberts . She warns that in spite of potential , the future of luxury in Africa is dependent on reforms taking place : `` It will rely on infrastructure and the operating environment such as security and how trading is done , '' she says . When it comes to what they choose to splash their cash on , Africa 's rich like to stick to well-known global labels that carry an automatic badge of status . `` Generally the brands they buy will be more ostentatious compared to somebody in the more developed , mature markets . It 's going to be the Louis Vuitton , the Gucci , the Prada , '' says Roberts . She adds that this could be down to the fact that typical a luxury consumer in Africa is much younger than those in mature markets such as Western Europe , who tend to be in their 50s and 60s . `` They are in their late twenties or thirties so it 's very much new wealth , and they will be looking towards luxury as a means of showing status and success , '' says Roberts . However , in spite of mainstream brand 's dominance , smaller home-grown labels also see the growth in appetite for luxury goods as a valuable opportunity . `` Africa has all the foundations that are needed to create a real vibrant luxury industry , '' says Swaady Martin Leke , Ivorian entrepreneur and founder of the Johannesburg-based luxury tea brand Yswara . `` We have the craftsmanship , we have the heritage , we have a very rich culture that does n't date just 20 years , but centuries , thousands and thousands of years of know-how and craftsmanship . So here is this continent where you have all the raw material and the know-how , but what is missing is the link to luxury . `` Now is the time and you need to start positioning yourself , because Africa is getting richer , that 's for sure , '' she adds . More from Africa View . Read this : Ethiopia - a land where coffee meets tradition . Read this : Why Kenya is the flower garden of Europe .
The city with most multimillionaires in Africa is Johannesburg . However a crop of new pretenders have been expanding their millionaire count .