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.

Elbinawi:

All Nigerian State Governors are Dollar-Millionaires. All of them! Start your counting of the 9,100 from here.

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.

tensazangetsu20:

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

atorioke:


You mean Ebonyi or Enugu?

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.

tensazangetsu20:

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

Penguin2:
Unfortunately, all of them put together is not up to Elon Musk .

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

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!

DubaiLandLord1:
Where did you get this from in that articl?

haha20:

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

BigSarah:
Wealth distributed among 11% of the population...

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

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.

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.

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 .

tensazangetsu20:


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