For a Nigerian to break into the one percent population of the wealthy, it will now take a net worth of $70,000 (N28.7 million), according to the latest Knight Frank Wealth Report.Using the N30,000 minimum wage as a benchmark, it means a working 18-year-old will have to wait 97 years, that is if he plans to save the whole of his salary.
This paints a picture of the rising inequality in the country as many Nigerians continue to battle to survive on daily basis.
Knight Frank report describes wealth as the net assets of a person that includes property, cash, equities, business interests less and liabilities like loans.
But with many Nigerians battling with the soaring price of food items, transportation and other goods and service, hoping to be among the listed few rich can be rightly seen as very ambitious or difficult.
In other parts of Africa, for a Kenyan to join the wealthy it will only take $20,000, while a South African will need as much as $180,000 to join the top one percent in South Africa.
With the threshold of $7.9 million, Monaco is a favorite playground for the super-rich in the world.
Switzerland, famous for its role as a warehouse of the global elite’s wealth, is second with a threshold of $5.1 million. The United States is third with an entry-level of $4.4 million.
The report further showed that there are 231,309 High net worth individuals (HNWI) in Africa with at least $1million (N402 million).
There are also 3,330 Ulta High net worth (UHNW) Individuals with over $30 million a figure that increased from 3,330 in 2015, and 3,127 in 2019. The report expects the figure is expected to grow to 4,361 by 2025.
Out of the HNWI in Africa, Nigeria has 43,571 individuals with $1 million but this represents a drop from 56,444 in 2015 and 53,021 in 2019.
Nigeria also has 867 UHNWI, an increase from 821 in 2015 and 855 in 2020 a figure expected to grow to 992 by 2025.
These richest in Nigeria are almost exclusively entrepreneurs owning multiple companies and assets in the local market and abroad.
Knight Frank says that a growing inequality is a major challenge for the super-rich, countries and governments, with higher taxes on the wealthy seen as a way to reduce the imbalance around the world.
“Wealth inequality has become starker within countries and globally, particularly as a result of the Covid-19 pandemic, and this is likely to become a point of growing contention,” the property consultancy says in the report.
Knight Frank therefore canvases for more wealth taxes to be introduced as governments scramble to cover the huge costs of the pandemic, adding that targeting the wealthy tends to be popular with voters surveyed.

By David Ibemere…

N28.7m sounds low to me though.

So if I hold 29 million like this, I be HNI?


Omor.. The road no far again be that na.

We bless God for growth.

VeryWickedGoat:
N28.7m sounds low to me though.

LoL it's not. Nigeria fantasy of Yankee kinda makes us to think life is all rosy and stuff. Up to 80% of the world population have less than $1000

michlins:
LoL it's not. Nigeria fantasy of Yankee kinda makes us to think life is all rosy and stuff

You can't own a decent house with N28.7m so how does that qualify as 1%?

VeryWickedGoat:


You can't own a decent house with N28.7m so how does that qualify as 1%?

this should tell you how bad the inequality of life is.

VeryWickedGoat:


You can't own a decent house with N28.7m so how does that qualify as 1%?

Define a descent house pls.

3 bedroom is enough for a family of 5.

This is not the stone age where you can peddle falsehood anyhow.
What is 29m naira? Money that can't buy a luxury car.

To be in the top 1%, you must have an annual wage of at least $823,763, according to the Economic Policy Institute, That excludes sources of unearned income like investment returns.

https://www.investopedia.com/personal-finance/how-much-income-puts-you-top-1-5-10/

Except you're talking about Nigeria only. If that's the case, then being 1% in Nigeria is still worthless in the bigger scheme of things as $40,000 is about the average income of average workers in the West.

michlins:
this should tell you how bad the inequality of life is.

There are many landlords in Lagos alone. Many of them are not the 1%.

Seems you still don't get it.

ibechris:




Define a descent house pls.

3 bedroom is enough for a family of 5.

Where will this house located? Sango Ota? Ifo? Mowe? Then, yes it will be less than N28.7m.

But a plot of land at lowly Sangotedo or Egbeda alone will leave nothing of that N28.7m to erect a house yet many Nigerians own there and they are not the 1%.

Your report is flawed sir.

zed7:
This is not the stone age where you can peddle falsehood anyhow.
What is 29m naira? Money that can't buy a luxury car. You must be deluded.



https://www.investopedia.com/personal-finance/how-much-income-puts-you-top-1-5-10/

Except you're talking about Nigeria only. If that's the case, then being 1% in Nigeria is still worthless in the bigger scheme of things as $40,000 is about the average income of average workers in the West.

Exactly.
That report makes zero sense.

Its either the figure he's quoting or his perception of the 1% is wrong. One or the two.

ibechris:




Define a descent house pls.

3 bedroom is enough for a family of 5.

To answer your question...
A decent house should be located in a normal area - not too high brow (Ikoyi) & not too low (Okokomaiko).

Examples, Egbeda, Ajah, Ketu, Ogba etc.
N28.7m will go to cost of land alone.

VeryWickedGoat:


There are many landlords in Lagos alone. Many of them are not the 1%.

Seems you still don't get it.

there are about 7.5bn people on earth, what's the 1% of 7.8bn and spread it out

michlins:
there are about 7.5bn people on earth, what's the 1% of 7.8bn and spread it out

Oga let's focus on our immediate target market first - Nigeria. The report clearly says Nigeria.

You can't average a Nigerian's net worth with someone in Hong Kong or Monaco. That's a very flawed way to derive data.

VeryWickedGoat:


Oga let's focus on our immediate target market first - Nigeria. The report clearly says Nigeria.

You can't average a Nigerian's net worth with someone in Hong Kong or Monaco. That's a very flawed way to derive data.

there are about 290ml people in Nigeria,1% is 29ml.


How many people are worth 28ml in Nigeria

michlins:
there are about 290ml people in Nigeria,1% is 29ml.


How many people are worth 28ml in Nigeria

Lol. I'm done here.

VeryWickedGoat:


Where will this house located? Sango Ota? Ifo? Mowe? Then, yes it will be less than N28.7m.

But a plot of land at lowly Sangotedo or Egbeda alone will leave nothing of that N28.7m to erect a house yet many Nigerians own there and they are not the 1%.

Your report is flawed sir.

Your location is not everyone's location and can't be final. There is okota,satellite town isolo and many other areas.

michlins:
there are about 290ml people in Nigeria,1% is 29ml.


How many people are worth 28ml in Nigeria

Fact.

zed7:
This is not the stone age where you can peddle falsehood anyhow.
What is 29m naira? Money that can't buy a luxury car.



https://www.investopedia.com/personal-finance/how-much-income-puts-you-top-1-5-10/

Except you're talking about Nigeria only. If that's the case, then being 1% in Nigeria is still worthless in the bigger scheme of things as $40,000 is about the average income of average workers in the West.

Nigeria and luxurious lifestyles.

Everything una go compare with America or Europe as if we are all earning in dollars.

michlins:
there are about 290ml people in Nigeria,1% is 29ml.


How many people are worth 28ml in Nigeria

We don reach 290?

ibechris:




Nigeria and luxurious lifestyles.

Everything una go compare with America or Europe as if we are all earning in dollars.

A country is never in isolation. You measure GDP with global average, you measure a country's population with other countries etc.
If you don't measure in dollars, how then do you go to the market and complain that things have become expensive? Why do we cry that the dollar to naira rate is going up?

There are just too many illiterates on this forum. Get an education!

zed7:


A country is never in isolation. You measure GDP with global average, you measure a country's population with other countries etc.
If you don't measure in dollars, how then do you go to the market and complain that things have become expensive? Why do we cry that the dollar to naira rate is going up?

There are just too many illiterates on this forum. Get an education!

Don't ever measure Nigeria with western countries. How can u measure Nigeria with America when we all know that they are far older than us in everything.

See our mates like Uganda,Kenya,Ghana and Ivory Coast.

ibechris:




Don't ever measure Nigeria with western countries. How can u measure Nigeria with America when we all know that they are far older than us in everything.

See our mates like Uganda,Kenya,Ghana and Ivory Coast.

Oh dear...

zed7:
This is not the stone age where you can peddle falsehood anyhow.
What is 29m naira? Money that can't buy a luxury car.



https://www.investopedia.com/personal-finance/how-much-income-puts-you-top-1-5-10/

Except you're talking about Nigeria only. If that's the case, then being 1% in Nigeria is still worthless in the bigger scheme of things as $40,000 is about the average income of average workers in the West.

you speak English but you don't understand English properly and that's why we have to write IELTS exam to go to UK.

It's one thing to earn $40,000 and it's another thing to be worth $70,000. By the time you deduct your cost of living and everything, how much are you left with in $40,000 annual income in USA

michlins:
you speak English but you don't understand English properly and that's why we have to write IELTS exam to go to UK.

It's one thing to earn $40,000 and it's another thing to be worth $70,000. By the time you deduct your cost of living and everything, how much are you left with in $40,000 annual income in USA

You're still not smart. What is a person's net worth? Money in the bank?
Investment? Assets?
A smart person knows that higher income eventually translates to a person's net worth all things being equal.

Calculated this way, the typical American family has a net worth of $121,700.

https://www.businessinsider.com/personal-finance/average-american-net-worth?r=US&IR=T

If you passed your IELTS, you'll have understood that there is a difference between income and net worth and that a higher income is directly proportional to an overall higher net worth.

michlins:
you speak English but you don't understand English properly and that's why we have to write IELTS exam to go to UK.

It's one thing to earn $40,000 and it's another thing to be worth $70,000. By the time you deduct your cost of living and everything, how much are you left with in $40,000 annual income in USA

Yet many Americans can't save.
Leave them they think is about fantasy. A visit will clear their doubts.

zed7:


You're still not smart. What is a person's net worth? Money in the bank?
Investment? Assets?
A smart person knows that higher income eventually translates to a person's net worth all things being equal.



https://www.businessinsider.com/personal-finance/average-american-net-worth?r=US&IR=T

If you passed your IELTS, you'll have understood that there is a difference between income and net worth and that a higher income is directly proportional to an overall higher net worth.

I'm done. Make I concentrate on the Man UTD match

michlins:
I'm done. Make I concentrate on the Man UTD match

I keep telling you people, get an education. Your 29m naira net worth does not make you 1% in Nigeria or anywhere in the world.
Like someone pointed out, the average middle class Nigerian is worth more than that in assets, how much more in developed countries..
Stop pulling stats out of your ass.

Focus on your match, critical reasoning is not your forte.

zed7:

I keep telling you people, get an education. Your 29m naira net worth does not make you 1% in Nigeria or anywhere in the world.
Like someone pointed out, the average middle class Nigerian is worth more than that in assets, how much more in developed countries..
Stop pulling stats out of your ass.

Focus on your match, critical reasoning is not your forte.

average middle class in Nigeria is worth more than 29ml?

Jisos!!!

If you have $1000, you're very much rich. Question is, how many people in Nigeria are worth $1000. Shey person being paid #100,000 in Nigeria is considered to be earning well?

How many years will you earn 100,000 to make 29ml?

You folks don't understand the reality of people of Nigeria and how many people are poor

michlins:
average middle class in Nigeria is worth more than 29ml?

Jisos!!!

If you have $1000, you're very much rich. Question is, how many people in Nigeria are worth $1000. Shey person being paid #100,000 in Nigeria is considered to be earning well?

How many years will you earn 100,000 to make 29ml?

You folks don't understand the reality of people of Nigeria and how many people are poor

Like someone schooled you, how much is the average house in Lagos? Definitely more than 30m.
Like I schooled you, net worth is different from income. The only way to rescue yourself is to lie that you meant average annual income is 29m naira.
You're either really young or really poor.

zed7:

Like someone schooled you, how much is the average house in Lagos? Definitely more than 30m.
Like I schooled you, net worth is different from income. The only way to rescue yourself is to lie that you meant average annual income is 29m naira.
You're either really young or really poor.

this is a flawed way of collecting data. Because few people with access to funds have insane amount of money doesn't mean it's same for everyone else in Nigeria.

I ask you again, what is the average income of an average person in Nigeria?

How many people earn #100,000 a month in Nigeria?

Bear in mind that one person can have ten estates worth billions and millions of people in Nigeria don't also have shelter at all

zed7:

Like someone schooled you, how much is the average house in Lagos? Definitely more than 30m.
Like I schooled you, net worth is different from income. The only way to rescue yourself is to lie that you meant average annual income is 29m naira.
You're either really young or really poor.

let me teach you further,if you earn #100,000, you are really poor but you are richer than 90% of Nigerians. Nigeria poverty rate stands at mind-blowing 90%. With 92% of Nigerians living on less than $5/day

So please, how do you come up with your numbers of average Nigeria being worth 29ml?

https://www
.macrotrends.net/countries/NGA/nigeria/poverty-rate