Only 9,800 people out of Nigeria’s over 200 million population are worth $1 million and above
PREMIUM TIMES
The number of high-net-worth (millionaires) individuals in Africa’s largest economy, Nigeria, fell by 30 per cent in the past decade (2012-2022), a new report has revealed.
Henley & Partners, the global firm in residence and citizenship by investment analysis, made this known in its latest edition of the “Africa Wealth Report” AWR published in March.
The report is a definitive guide to Africa’s wealth and luxury sector, and it is usually published annually in partnership with a wealth intelligence firm, New World Wealth.
It provides a comprehensive review of private wealth in Africa, including high-net-worth-individual, luxury, and wealth management trends, as well as expert insights on investment, the investment migration sector, and economic mobility on the continent.
According to the 72-page report, South Africa tops the list of the top 10 wealthiest countries in Africa in terms of resident high-net-worth individuals by some margin.
It noted that Mauritius’ high ranking is also impressive when considering its small size and population.
“South Africa’s high centi-millionaire count is particularly notable. Centi-millionaires are typically the founders of large multinational companies, making their presence in a country particularly valuable when it comes to creating employment,” the report said.
Major findings
The 2023 edition of the AWR reveals that the ‘Big 5’ wealth markets in Africa are South Africa, Egypt, Nigeria, Kenya, and Morocco and that these countries, together, account for a significant 56 per cent of Africa’s high-net-worth individuals and over 90 per cent of the continent’s billionaires.
However, it said their continued dominance is far from assured, adding that the five aforementioned countries could soon be challenged by the likes of Mauritius and Rwanda, which are fast gaining ground.
“Namibia’s new residence by investment offering positions it as a future potential rival as well,” the report said.
Growth trends
The report explained that the total high-net-worth individual numbers in Africa have fallen by 12 per cent over the past decade under review (2012 to 2022).
It said performance was constrained by poor growth in the three largest African markets, namely South Africa, Egypt, and Nigeria.
“Rwanda was the top performing market in Africa during the period, with millionaire growth of 72%, followed by Mauritius, Seychelles, Uganda, and the Democratic Republic of the Congo,” the report said, adding that Morocco and Kenya’s high-net-worth individual populations also grew solidly.
“Ethiopia and Ghana, whose millionaire populations had been growing rapidly until 2019, have struggled over the past few years, which has pulled back their 10-year growth rates,” the AWR noted.
According to the report, the number of individuals who are worth over $1 million in Africa is pegged at 138,000. Of this figure, only 328 people in the continent are worth more than $100 million and just 23 are worth more than $1 billion within the last decade.
