3,000 Nigerians Lost Millionaire Status as Report Reveals African Countries With Most Millionaires in 2023

3,000 Nigerians Lost Millionaire Status as Report Reveals African Countries With Most Millionaires in 2023

  • About 3,000 Nigerians have lost their millionaire status in the last 10 years, a new report says
  • A new report cited African countries with the most high-net-worth individuals
  • Africa’s five biggest economies, namely South Africa, Egypt, Nigeria, Kenya, and Egypt, account for most millionaires on the continent

A recent report has said that Nigeria experienced negative millionaire growth of about 30% from 2012 to 2022, which resulted in 2,949 persons losing their millionaire status in 10 years.

The report was disclosed in a Wealth Report complied by Henley and Partners.

Millionaire Status, Nigerians, African billionaires
About 3,000 Nigerians have fallen from their millionaire status Credit: FG Trade
Source: Getty Images

Nigerian and four others emerge Africa's five biggest economies

The report said that Africa’s five biggest economies’ wealth markets include South Africa, Egypt, Nigeria, Kenya, and Morocco.

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The report noted that these economies account for 56% of the continent’s high-net-worth individuals and over 90% of Africa’s billionaires.

The wealth categories are split into millionaires - persons with a net worth above $1 million; centimillionaire - persons with a net worth above $100 million and billionaires - persons with a net worth above $1 billion.

According to the Report, South Africa has 37,800 millionaires, 98 centimillionaires, and five billionaires.

Egypt is second with 16,100 millionaires, 54 centimilionaires and eight billionaires.

Nigeria is ranked third with 9,800 millionaires, 27 centimillionaires, and four billionaires.

Kenya has 7,700 millionaires, 15 centimillionaires, and no billionaires, while Morocco has 5,800 millionaires, 28 centimillionaires, and four billionaires.

Others include:

  • Mauritius has 4,900 millionaires, 10 centimillionaires, and no billionaires.
  • Algeria has 2,800 millionaires, eight centimillionaire, and one billionaire.
  • Ethiopia2,700 millionaires, four centimillionaire, and no billionaires.
  • Ghana has 2,600 millionaires, five centimillionaire, and no billionaires, and Tanzania (has 2,400 millionaires, six centimillionaire, and one billionaire.

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Many Africans lost millionaire status in 10 years

The continent, however, experienced a drop in individual numbers by 12% in 10 years. Africa currently boasts 138,000 millionaires, 328 centimillionaires, and 23 billionaires.

Their performance was caused by poor growth in three of Africa’s biggest markets, South Africa, Egypt, and Nigeria, which witnessed 21%, 25%, and 30% of negative growth, respectively.

Within the period under review, Rwanda emerged as the top-performing market in Africa, with a millionaire growth of 72%, followed by Mauritius, Seychelles, Uganda, and the Democratic Republic of Congo.

Morocco and Kenya’s high-net-worth individual populations accelerated rapidly.

The report said:

“Ethiopia and Ghana, whose millionaire populations had been multiplying until 2019, have struggled over the past few years, which pulled back their 10-year growth rates.”

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The list is led by Francoise Bettencourt Meyer, who has occupied the position for the third year with an estimated net worth of $80.5 billion.

Forbes said the combined net worth of the 10 wealthiest women on the list is about $402.6 billion, a bit higher than the $401 billion recorded last year.

Source: Legit.ng

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