Nigeria Remains Among Top 10 African Countries With Highest Millionaire Count in 2024

Nigeria has retained its standing among the leading African nations in terms of the number of millionaires, as per the latest Africa Wealth Report 2024 by Henley & Partners. Despite facing economic hurdles, including the depreciation of the naira which resulted in 1,600 citizens losing their wealth, Nigeria still boasts 8,200 dollar millionaires. This figure represents a decline from the previous year’s count of 9,800.

Among the top 10 wealthiest countries on the continent, Nigeria witnessed the most significant decrease in millionaires, followed by Kenya and Egypt with 500 each, and South Africa with 400. However, Morocco, Mauritius, Ghana, and Namibia saw increases in private wealth. The number of millionaires remained unchanged in Algeria and Ethiopia.

Approximately 2,800 individuals left Nigeria, with many relocating to destinations such as the United Arab Emirates, United Kingdom, USA, and Europe.

Overall, the Africa Wealth Report reveals 135,200 high-net-worth individuals (HNWIs) with liquid investable wealth of USD 1 million or more living in Africa, including 342 centi-millionaires and 21-dollar billionaires. Six of the top African countries experienced a rise in the number of millionaires compared to the previous year: South Africa, Egypt, Kenya, Morocco, Ghana, and Namibia.

Nigeria, along with Mauritius, recorded a decline in millionaires compared to the previous year, while Tanzania is no longer among the top 10 countries in the list.

Here’s a breakdown of Africa’s top 10 countries and their number of dollar millionaires:

South Africa:

Millionaires: 37,400

Centi-millionaires: 102

Billionaires: 5

Egypt:

Millionaires: 15,600

Centi-millionaires: 52

Billionaires: 7

Nigeria:

Millionaires: 8,200

Centi-millionaires: 23