Nigeria loses 47% of dollar millionaires, retains 4th position in Africa
By Babajide Komolafe Nigeria has lost nearly half of its dollar millionaires over the past decade, with the population of high-net-worth individuals falling by 47 per cent between 2015 and 2025, according to the 2025 Africa Wealth Report by Henley & Partners in collaboration with New World Wealth.
Despite the sharp erosion in private wealth, Nigeria retained its position as Africa’s fourth-largest hub for dollar millionaires, with 7,200 millionaires, 20 centi-millionaires (individuals with investable wealth of at least $100 million) and three billionaires, trailing only South Africa, Egypt and Morocco.
Nigeria’s decline in millionaire numbers underscores the impact of prolonged macroeconomic challenges, including currency depreciation, high inflation and weak economic growth, which have eroded private wealth over the past decade while other African markets have shown greater resilience.
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