Nigeria loses 47% of dollar millionaires, retains 4th position in Africa

Nigeria has experienced a significant erosion of private wealth over the last decade, losing nearly half of its dollar millionaires. The population of high-net-worth individuals in the country dropped by 47% between 2015 and 2025, according to the 2025 Africa Wealth Report.

Despite this sharp decline, Nigeria maintains its position as the fourth-largest hub for dollar millionaires in Africa. The country is home to 7,200 millionaires, 20 centi-millionaires (those with at least $100 million in investable wealth), and three billionaires. This places it behind South Africa, Egypt, and Morocco in terms of millionaire population.

South Africa leads the continent with 41,100 millionaires, followed by Egypt with 14,800 and Morocco with 7,500. Kenya rounds out the top five with 6,800 millionaires. The report highlights that varying economic conditions, investment climates, and capital market developments influence wealth trends across Africa.

Nigeria's wealth decline is linked to prolonged macroeconomic challenges, including currency depreciation, high inflation, and weak economic growth. These factors have diminished private wealth, while other African markets have demonstrated greater resilience in wealth preservation and growth over the same period.