₦airaland Forum

Nigeria has lost nearly half of its dollar millionaires over the past decade, with the population of high-net-worth individuals falling by 47 per cent between 2015 and 2025, according to the 2025 Africa Wealth Report by Henley & Partners in collaboration with New World Wealth.

Despite the sharp erosion in private wealth, Nigeria retained its position as Africa’s fourth-largest hub for dollar millionaires, with 7,200 millionaires, 20 centi-millionaires (individuals with investable wealth of at least $100 million) and three billionaires, trailing only South Africa, Egypt and Morocco.

The report showed that South Africa remained the continent’s wealthiest country by number of dollar millionaires, with 41,100 millionaires, 112 centi-millionaires and eight billionaires. Egypt followed with 14,800 millionaires, 49 centi-millionaires and seven billionaires.

Morocco ranked third with 7,500 millionaires, 35 centi-millionaires and four billionaires, narrowly ahead of Nigeria, while Kenya completed the top five with 6,800 millionaires, though it had no billionaires.

Mauritius occupied the sixth position with 4,800 millionaires, followed by Algeria with 2,700, Ghana 2,600, Namibia 2,500 and Ethiopia 2,400, completing the list of Africa’s top 10 countries by resident dollar millionaires.

Among the countries surveyed, Seychelles had the smallest millionaire population at 500, although it still recorded one billionaire and six centi-millionaires. Mozambique followed with 800 millionaires, while Rwanda and Zambia each had 1,000 millionaires. Uganda ranked fifth from the bottom with 1,600 millionaires.

The report attributed wealth trends across the continent to varying economic conditions, investment climates and capital market development, noting that several countries, including Tunisia and the Democratic Republic of Congo, were excluded from the ranking due to insufficient reliable data.

Nigeria’s decline in millionaire numbers underscores the impact of prolonged macroeconomic challenges, including currency depreciation, high inflation and weak economic growth, which have eroded private wealth over the past decade while other African markets have shown greater resilience.

deetin:
Since 2015 that apc took over .. and they claim to be helping us . See how e touch millionaire in dollars , now imagine wetin common masses dey face with his 70k minimum wage

favor914:
Nothing touched the dollar millionaires.

favor914:
Nothing touched the dollar millionaires.

mutvy:
Bola Ahmed Tinubu's reform is yielding results.

OkCornel:
Dear sycophants

On August 29 2023, Tinubu’s government promised to create 50 million jobs and revive the economy.

This is almost one year. How far with your messiah’s plan?

Where is the economic revival? Where are the jobs?

https://www.nairaland.com/7821154/tinubu-sets-3-year-economic-revival

anonimi:
15.01.2026 FEATURED

Nigeria’s ‘Biggest Economic Threat’ Is Unemployment, But Data to Guide Policy Missing for 14 Months

Nigeria’s top economic risk for the 2026 economic year is unemployment but the country has not published any official labour statistics to measure its rate since November 2024, FIJ has found.

On Wednesday, the World Economic Forum’s Global Risks Report identified lack of economic opportunity and unemployment as Nigeria’s leading threat for the 2026 economic year.

The report also identified inadequate public services, economic downturn, inequality, and crime as the next four threats to economic stability in 2026.

Unemployment is serious enough for international observers but the National Bureau of Statistics (NBS) has not released Nigeria’s Labour Force statistics, however controversial, since the second quarter of 2024.

SILENCE SINCE METHODOLOGY REDESIGN
The NBS has been in the crossfire before for publishing Labour Force Data late in 2023 and 2024. In 2024, the bureau attributed the delay to an overhaul of its survey methodology.

At the time, NBS said it wanted to align Nigeria’s labour statistics with international best practices and ensure data quality and sustainability.

But the resulting data caused chaos. According to the NFLS published at that time (q1, 2024), only about 4.3% of Nigerians were unemployed. The data introduced new types of labour categorisation in the report.

Per the new method, anyone who works even minimal hours in a week is considered “employed”. The reliability of official figures was questioned by labour unions, business groups and even economists.

The Nigerian Labour Congress (NLC), for instance, described the reported employment statistics as unrealistic. Chris Onyeka, the NLC’s National Assistant General Secretary, called the report a “voodoo document” and a “fabrication designed to mislead the public”.

Similarly, Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry (LCCI), said, “The technical improvement in the employment rate is more of a way that employment is now calculated; but the reality is that the economy is not looking like an economy where unemployment is significantly reducing.”

Since then, the NBS has not made any attempt to publish labour data.

https://fij.ng/article/nigerias-biggest-economic-threat-is-unemployment-but-data-to-guide-policy-missing-for-14-months/

zinaunreal:
Still better than being a south African with all the rich people white 😆😆

deetin:
Since 2015 that apc took over .. and they claim to be helping us . See how e touch millionaire in dollars , now imagine wetin common masses dey face with his 70k minimum wage

anonimi:
Is that why there are so many black South Africans doing japa to Nigeria instead of vice versa

Heffalump:
APC has impoverished Nigerians than any other party in the history of mankind. Yet, some Baboons keep supporting them.

deetin:
Since 2015 that apc took over .. and they claim to be helping us . See how e touch millionaire in dollars , now imagine wetin common masses dey face with his 70k minimum wage

favor914:
Nothing touched the dollar millionaires.

lamentor78:
Either they reduce or increase. Obi and Atiku will not win January 2027 election.

That is my own.