Nigeria’s millionaire population reduces as economic hardship bites harder – Report

Nigeria has experienced a decline in its millionaire population over the past decade, according to the Henley Private Wealth Migration Report 2024.

The report, based on data from New World Wealth, tracks high-net-worth individuals with liquid investable wealth of $1 million or more.

The decline in Nigeria’s millionaire population is part of a broader pattern observed in some African nations. South Africa, for instance, has seen a significant 20% reduction in its millionaire population, attributed to economic instability and emigration.

Nigeria’s economic struggles, including currency devaluation and political uncertainty, have similarly impacted its wealthy class.

While specific numbers for Nigeria were not provided in the report, the trend contrasts sharply with the growth seen in other emerging markets.

Vietnam, China, and India have seen substantial increases in their millionaire populations, with Vietnam leading the ranking with a 98% increase over the past decade.

In Nigeria, the decrease in the number of millionaires is seen as a reflection of the country’s ongoing economic and political challenges.

The nation’s cryptocurrency industry, valued at an estimated $400 million, has faced regulatory crackdowns, contributing to the uncertainty faced by wealthy individuals.

The Henley Private Wealth Migration Report also highlights the global shift in wealth distribution, with emerging markets increasingly contributing to the global millionaire population.