The number of dollar millionaires in Nigeria dropped by 16.3 percent last year, a new report has shown, with analysts attributing the decline in private wealth to naira devaluation and other economic headwinds.The 2024 Africa Wealth Report published by Henley and Partners, a London investment migration consultancy, revealed that the number of millionaires in Africa’s most populous economy declined to 8,200 from 9,800 in 2022.
Out of the top 10 wealthiest countries in the continent, Nigeria saw the largest decline in millionaires, followed by Kenya and Egypt with 500 each, and South Africa, 400.The countries that recorded an increase in private wealth are Morocco, which had 1,000 millionaires in 2023; Mauritius, 200; Ghana, 100; and Namibia, 200. The number of millionaires was unchanged in Algeria and Ethiopia.
Further analysis shows that within a decade, Africa’s biggest economy experienced a decline in millionaire growth of 45 percent (6,800 individuals) from 15,000 in 2013 to 8,200 in 2023.
“Approximately 2,800 left Nigeria with most of them moving to the United Arab Emirates, United Kingdom, USA and Europe. So, the remaining 4,000 would have dropped out of high-net-worth individuals’ status due to several possible reasons including depreciating currency, business closures, etc.,” Andrew Amoils, head of research at New World Wealth, said in an email to BusinessDay.
