Number of Nigerians With Over $1 Million in Bank Accounts Drops by 35% Under President Buhari

Number of Nigerians With Over $1 Million in Bank Accounts Drops by 35% Under President Buhari

  • Nigeria is gradually losing its position as one of the countries with the highest number of dollar millionaires
  • A new report shows that Nigerians with more than $1 million in bank accounts have decreased by 35% under Buhari's administration
  • Experts believe the drop is related to the economy's rising inflation and Naira depreciation

At least 5,400 people previously classified as US dollar millionaires fell out of the ranks of the super-rich in the last seven years of President Muhammdu Buhari.

This is according to the latest update of African wealth by New World Wealth, a wealth intelligence firm, and Henley & Partners.

The report noted that Nigerians dropped out of the high-net-worth individuals (HNWIs) list because they no longer have up to $1 million in liquid assets.

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Number of dollar millionaires in Nigeria drop
Businessman boarding a corporate jet Credit: FG Trade
Source: Getty Images

How did it happen?

The report showed that overall, the number of HNWIs in Nigeria as of 2015 was at a high of 160,000, dropping to 136,000 in 2022.

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The report also noted that the drop is a sharp contrast to how between 2000 and 2014, the number of HNWIs in Nigeria increased by 35% to 15,400.

The report reads:

"In 2015, when President Buhari became president, the African economy was on the cusp of more growth, recording over 160,000 people with over $1 million in personal fortunes."

Unfortunately, under Buhari's administration, Nigeria has recorded two recessions, the first in 2016 and also in 2020.

Expert provides insight

When contacted on why the number of millionaires in Nigeria is dropping, Damilola Adewale, a Lagos-based economic analyst, blamed the depreciation of the Naira and rising inflation.

He said:

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"Between 2015 and 2022, the naira fell precipitously against the dollar." When the value of the Nigerian naira falls, so does their net worth in dollars. And investors who do business in the country and earn naira in cash flows must have had their net worth in dollars reduced."

List of African richest cities, Lagos ranks 4th with 6,300 dollar millionaires

Meanwhile, a similar report revealed that Lagos is one of the cities in Africa with the highest number of millionaires.

The list shows that Lagos has over 6,300 millionaire residents and is the fourth largest in Africa.

The United States dominates the list of the world's top 20 wealthiest cities, with six American cities on the list.


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