Between 2015 and 2025, Nigeria experienced a significant decline in its population of high-net-worth individuals, losing nearly half—approximately 47%—of its dollar millionaires. Data from the 2025 Africa Wealth Report, produced by Henley & Partners and New World Wealth, highlights this sharp reduction.
Despite this downturn, Nigeria continues to hold the fourth spot on the continent for wealth concentration. The country currently hosts 7,200 millionaires, 20 centi-millionaires, and three billionaires. It ranks behind South Africa, Egypt, and Morocco.
South Africa leads the region with 41,100 millionaires, while Egypt holds second place with 14,800. Morocco remains third with 7,500 millionaires, narrowly outpacing Nigeria. Kenya follows in fifth, while Mauritius, Algeria, Ghana, Namibia, and Ethiopia round out the top ten.
The report points to macroeconomic struggles—such as inflation, currency devaluation, and sluggish growth—as the primary factors behind Nigeria’s wealth erosion. While other nations demonstrated more stability, Nigeria’s private wealth sector faced persistent headwinds throughout the last decade.
