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Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion - Business - Nairaland

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Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by Biodun556(m): 11:09am On Nov 15, 2021
Nigeria has recorded about 9,100 high net worth individuals (HNWIs) each with minimum net assets of one million dollars and a combined total wealth of approximately $207 billion, as at December 2020.

The 2021 Africa Wealth Report released by South Africa-based AfrAsia Bank in collaboration with New World Wealth, also stated that by this record, Nigeria has the third highest number of wealthy individuals in Africa.

It, however, ranked Nigeria 11th on wealth per capita, meaning the country’s wealth is less distributed amongst the population as Mauritius is ranked at number one.

AfrAsia Bank, a global market research group in Johannesburg, defines total wealth as the private wealth held by individuals living in a city/country. This includes all their assets – property, cash, equities, business interests – less any liabilities, and excluding government funds.

According to the report, the total private wealth held in Africa amounted to approximately $2.0 trillion as at December 2020 with the five biggest wealth markets in the continent being South Africa, Egypt, Nigeria, Morocco and Kenya, all accounting for over 50% of Africa’s total wealth.


Specifically, the report said that as at December 2020, the total private wealth in South Africa was $604 billion, followed by Egypt $282 billion, Nigeria $207 billion, Morocco $111 billion, and Kenya $90 billion. Ghana came in at 7th position with $56 billion.

However, in terms of wealth per capita, the report noted that Mauritius remains the wealthiest country in Africa, as Nigeria comes in at a distant 11th position.


Notably, the World Bank officially classified Mauritius as a high-income country in July 2020.

Mauritius has a wealth per capita of $31,900, followed by South Africa $10,310, Namibia $8,790, Botswana $7,810, and Morocco $3,050. Egypt has the 6th highest wealth per capita, followed by Ghana at $1,830 while Nigeria is ranked 11th with wealth per capita of $1,030.

The report also noted that the COVID-19 pandemic had a severe impact on private wealth and HNWI levels in Africa which dropped by around 9 percent in 2020.

Meanwhile, the number of HNMIs in Lagos shrunk by 27 percent between 2017 and 2021, losing two dollar-billionaires, 100 multi-millionaires, and 1,800 millionaires within the four year period.

Lagos was ranked as the fourth wealthiest city in Africa maintaining the fourth position from 2017 till date, with Johannesburg retaining the number one spot as the wealthiest city in Africa. In the 2017 report, total wealth in Lagos stood at $120 billion but reduced to $108 billion in 2018, $96 billion in 2019 and went even lower in 2020 at $88 billion. This implies loss of about $32 billion or N13.15 trillion within the last four years.
https://www.vanguardngr.com/2021/06/nigeria-home-to-9100-dollar-millionaires-worth-207bn-report/amp/

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Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by Biodun556(m): 11:09am On Nov 15, 2021
That Nigeria economy is the largest in Africa and in 25th in the World is not surprising.

If 50 million + Nigerians are naira millionaire, and South Africa population is 40 million plus our economy should be bigger than theirs

16 Likes 2 Shares

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by alfred007(m): 11:14am On Nov 15, 2021
Money money money money money.
Too much money

5 Likes 3 Shares

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by DawnStudios(m): 11:17am On Nov 15, 2021
Money dey this country oo, na just bad government and bad citizens be our problem for this naija.
I'll join those dollar millionaires soon.
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20 Likes 1 Share

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by inoki247: 11:19am On Nov 15, 2021
Me know say Nigerians rich now wen u see Ponzi scheme wey cast laik diz na billions u go dey hear....

The same person u dey shout Sapa with dey invest for ur bak....

15 Likes 1 Share

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by Biodun556(m): 11:31am On Nov 15, 2021
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Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by Penguin2: 11:33am On Nov 15, 2021
Unfortunately, all of them put together is not up to Elon Musk undecided.

So at the ratio of 1- 9,100, it cannot grin

Meanwhile, the report says Lagos lost about 100 multi-millionaires and about 1,800 millionaires between 2017 and 2020.

That’s clearly the effect of bad governance. Buharinomics in action.

But unfortunately, the landlord of Lagos, the Baba Sope in Chief of Nigeria, has been the greatest supporter of this disaster of a government; just like majority of Nairaland resident zombies are all Lagos urchins.

Fools!

25 Likes 1 Share

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by tensazangetsu20(m): 11:50am On Nov 15, 2021
What is so funny is that Namibia a country of less than 5 million people has more dollar millionaires than Nigeria a country of 200 million people.

40 Likes 5 Shares

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by sapientia(m): 12:11pm On Nov 15, 2021
Yet the poverty capital of the world

7 Likes 1 Share

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by FarahAideed: 12:13pm On Nov 15, 2021
So we are 9000... No wonder
Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by haha20: 12:16pm On Nov 15, 2021
Disappointing.

Nigeria, the so-called giant shithole of Africa has just 9k USD millionaires out of 200m people while Singapore which is 7 times smaller the size of Anambra state and having only 5 million population has 269k USD millionaires.

Unity beggars come and see. It's not by useless size and dragging everybody together both normal and insane and electing people based on tribalism.

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Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by hedonido: 12:20pm On Nov 15, 2021
Interesting.
Elbinawi:

All Nigerian State Governors are Dollar-Millionaires. All of them! Start your counting of the 9,100 from here.
Thinking about it, no current state governor is merely a dollar millionaire. They are all at least multi millionaires. I believe that, on average, there are at least 100 beneficiaries of state government in each of Nigeria's 36 states that are dollar millionaires. The complex circle of kitchen cabinet members, trusted contractors, agents, proxies, , money launderers, top mistresses etc... There has to be at least 100 in each state feasting purely on the state government resources that are each worth at least a million dollars.... In some states such as Lagos we are talking of multiple hundreds. So, for the state government related millionaires alone, we're talking about 3,600 of them.

I know for sure that this 9100 estimate is a ridiculous underestimation. Yahoo boys that are worth at least a million dollars in Nigeria are in their thousands. Drug Lords worth at least a million dollars are in their thousands. Other deals men and racketeers worth at least a million dollars are in their thousands....

Then before you come down to corrupt executives in numerous big private organisations and banks, then before you come down to uncountable federal civil servants in positions to steal or have stolen more than a million dollars.........we are talking about multiple hundreds of federal government agencies with yearly budgets of multiple millions of dollars, the CEO/MD/head of each of which is certainly a dollar millionaire. Before you trickle down to the federal civil service proper with its directors and top staff and their allies and money launderers.

Then before you come down to the numerous 'legit' big time traders/merchants in the various big markets from Alaba to Idumota to Main Market Onitsha to Dei Dei Building Materials Market etc etc across Nigeria's big cities.. .

Man, realistically, there can't be less than 300,000 dollar millionaires in Nigeria.

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Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by tensazangetsu20(m): 12:27pm On Nov 15, 2021
haha20:
Disappointing.

Nigeria, the so-called giant shithole of Africa has just 9k USD millionaires out of 200m people while Singapore which is 7 times smaller the size of Anambra state and having only 5 million population has 269k USD millionaires.

Unity beggars come and see. It's not by useless size and dragging everybody together both normal and insane and electing people based on tribalism.

Some states in Nigeria don't have anyone in the 5000 USD net worth capacity except the politicians that run the state

24 Likes 5 Shares

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by atorioke(m): 12:27pm On Nov 15, 2021
More proof that Nigeria is a poor and wretched country. Over 200m people worth only $200b+ and just 9k millionaires in dollars. Just imagine Elon Musk richer than 200m people. No wonder they see Africans as useless people.

What this report means is that there is just 1 person who is worth N500m among 21,978 individuals in Nigeria. Also, in a country of 200m people, we have less than 4 people who are worth N500b. What proof do you need to conclude that Nigerians are not creative nor growth oriented. No wonder the only businesses we have in Nigeria is real estate, hotel and eatery. No brains. Later, they will be claiming giant fight South Africans and other African countries. Worthless populated country.

Take it to bank, NIGERIANS ARE CHRONICALLY POOR. DONT BE DECEIVED BY THE MONEY YOU HEAR IN NAIRA. 200M PEOPLE NOT WORTH THE BUDGET OF A STATE IN US. TAKE FOR EXAMPLE, OUR BUDGET (TO CATER FOR 200M PEOPLE) IS LESS THAN $50B. THAT IS THE BUDGET OF ONE OF THE POOREST STATES IN US, TO CATER FOR LESS THAN 20M PEOPLE.

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Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by atorioke(m): 12:32pm On Nov 15, 2021
tensazangetsu20:

Some states in Nigeria don't have anyone in the 5000 USD net worth capacity except the politicians that run the state

You mean Ebonyi or Enugu?

6 Likes

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by BigSarah(f): 12:35pm On Nov 15, 2021
Wealth distributed among 11% of the population...

Poverty is the everywhere in this country yet every tribe claiming to be the richest..
Clueless

The whole Africa 2 Trillion dollars

12 Likes 1 Share

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by tensazangetsu20(m): 12:36pm On Nov 15, 2021
atorioke:


You mean Ebonyi or Enugu?
Yeah aside that too add states like cross river, jigawa, plateau, sokoto. Just like 4 states in Nigeria are viable economically. The rest are absolutely useless.

4 Likes 1 Share

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by Nobody: 12:39pm On Nov 15, 2021
High dollar price don make some people fall from been wealthy to been just rich

5 Likes 1 Share

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by Nobody: 12:45pm On Nov 15, 2021
tensazangetsu20:
What is so funny is that Namibia a country of less than 5 million people has more dollar millionaires than Nigeria a country of 200 million people.
Where did you get this from in that articl?

21 Likes 2 Shares

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by haha20: 12:45pm On Nov 15, 2021
tensazangetsu20:

Some states in Nigeria don't have anyone in the 5000 USD net worth capacity except the politicians that run the state
Politicans, their prostitutes, top yahoo boys, top drug dealers and pastors.

2 Likes 1 Share

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by ba7man(m): 12:48pm On Nov 15, 2021
Penguin2:
Unfortunately, all of them put together is not up to Elon Musk undecided.

So at the ratio of 1- 9,100, it cannot grin

Meanwhile, the report says Lagos lost about 100 multi-millionaires and about 1,800 millionaires between 2017 and 2020.

That’s clearly the effect of bad governance. Buharinomics in action.

But unfortunately, the landlord of Lagos, the Baba Sope in Chief of Nigeria, has been the greatest supporter of this disaster of a government; just like majority of Nairaland resident zombies are all Lagos urchins.

Fools!
Global recession due to low oil prices and Covid-19 is responsible.

Learn to read and research , not rely on beer parlour gossip.

3 Likes 1 Share

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by tensazangetsu20(m): 12:49pm On Nov 15, 2021
DubaiLandLord1:
Where did you get this from in that articl?

Nigeria is 11th. Namibia is in the top 4.

5 Likes 1 Share

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by tensazangetsu20(m): 12:50pm On Nov 15, 2021
haha20:

Politicans, their prostitutes, top yahoo boys, top drug dealers and pastors.

Prostitutes only make money in Lagos and Abuja and some extent Port Harcourt. How many men in let's say Ebonyi state can afford to pay 30k a to have a girl for a whole night grin grin.

12 Likes 1 Share

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by atorioke(m): 12:51pm On Nov 15, 2021
BigSarah:
Wealth distributed among 11% of the population...

Poverty is the everywhere in this country yet every tribe claiming to be the richest..
Clueless

I thought they said there is a billionaire in every family in Anambra. That means there are no rich people in other states of the country because I know fully well that there are more than 9000 families in Anambra.

Take it to bank, NIGERIANS ARE CHRONICALLY POOR. DONT BE DECEIVED BY THE MONEY YOU HEAR IN NAIRA. 200M PEOPLE NOT WORTH THE BUDGET OF A STATE IN US. TAKE FOR EXAMPLE, OUR BUDGET (TO CATER FOR 200M PEOPLE IS LESS THAN $50B. THAT IS THE BUDGET FOR ONE OF THE POOREST STATES IN US, TO CATER FOR LESS THAN 20M PEOPLE.

15 Likes 1 Share

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by ba7man(m): 12:51pm On Nov 15, 2021
atorioke:
More proof that Nigeria is a poor and wretched country. Over 200m people only worth $200b+ and just 9k millionaires in dollars. Just imagine Elon Musk richer than 200m people. No wonder they see Africans as useless people.

What this report means is that there is just 1 person who is worth N500m among 21,978 individuals in Nigeria. Also, in a country of 200m people, we have less than 4 people who are worth N500b. What proof do you need to conclude that Nigerians are not creative nor growth oriented. No wonder the only businesses we have in Nigeria is real estate, hotel and eatery. No brains. Later, they will fight South Africans and other African countries claiming giant. Worthless populated country.
Are you aware you,your father and mother are in the demograph you're insulting.

8 Likes 1 Share

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by atorioke(m): 12:53pm On Nov 15, 2021
tensazangetsu20:

Yeah aside that too add states like cross river, jigawa, plateau, sokoto. Just like 4 states in Nigeria are viable economically. The rest are absolutely useless.

LAGOS, RIVERS, DELTA AND OGUN. The rest nor be States.

5 Likes 1 Share

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by haha20: 12:53pm On Nov 15, 2021
tensazangetsu20:


Prostitutes only make money in Lagos and Abuja and some extent Port Harcourt. How many men in let's say Ebonyi state can afford to pay 30k a to have a girl for a whole night grin grin.
I mean "Nollywood actress" and Big Brother ex-housemate prostitution not the 2k ones.

4 Likes 2 Shares

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by Nobody: 12:54pm On Nov 15, 2021
tensazangetsu20:


Nigeria is 11th. Namibia is in the top 4.
Base on wealth per capital not numbers of millionaires.

In terms of numbers of millionaires and how much the millionaires worth, Nigeria dust Namibia.

Nigeria have the third highest of wealthy individuals in Africa.

6 Likes

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by OBTMOS(m): 12:54pm On Nov 15, 2021
Hmmmm
Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by ForeThinker: 12:54pm On Nov 15, 2021
For paper

1 Like

Re: Nigeria Home To 9,100 Dollar-Millionaires, Worth $207 Billion by God1000(m): 12:54pm On Nov 15, 2021
And yet we are still the poverty headquarters of the world

1 Like

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