Nigeria Retains Position in List of 10 African Countries With Highest Number of Millionaires in 2024

• South Africa once again dominates the rest of African countries with the highest number of dollar millionaires
• Nigeria continues to retain its position despite the reduction in the number of dollar millionaires from the previous year.
• The African continent has experienced significant growth in the last few years despite the challenges faced by the larger population

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigeria has managed to retain its position among the top African countries with the most millionaires despite 1,600 citizens losing their wealth due to the depreciation of the naira.

According to the latest Africa Wealth Report 2024 prepared by Henley & Partners, Nigeria currently has 8,200 dollar millionaires, a decrease from the 9,800 it had in the previous year.

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Out of the top 10 wealthiest countries in the continent, Nigeria saw the largest decline in millionaires, followed by Kenya and Egypt with 500 each, and South Africa, 400.

Morocco, with 1,000 millionaires in 2023, Mauritius, 200, Ghana, 100, and Namibia recorded increases in private wealth. The number of millionaires was unchanged in Algeria and Ethiopia.

BusinessDay reports that approximately 2,800 people left Nigeria, most of whom moved to the United Arab Emirates, United Kingdom, USA, and Europe.

Africa wealth overview

Overall, the Africa Wealth Report shows 135,200 high-net-worth individuals (HNWIs) with a liquid investable wealth of USD 1 million or more living in Africa, 342 centi-millionaires, and 21-dollar billionaires.

Six top African countries on the list experienced increases in the number of millionaires from last year: South Africa, Egypt, Kenya, Morocco, Ghana, and Namibia.

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Nigeria joins Mauritius in recording a drop in millionaires compared to the previous year, while Tanzania is no longer among the top 10 list.

Here are Africa's top 10 countries and number of dollar millionaires

South Africa:

• Millionaires: 37,400
• Centi-millionaires: 102
• Billionaires: 5

Egypt:

• Millionaires: 15,600
• Centi-millionaires: 52
• Billionaires: 7

Nigeria:

• Millionaires: 8,200
• Centi-millionaires: 23
• Billionaires: 3

Kenya:

• Millionaires: 7,200
• Centi-millionaires: 16

Morocco:

• Millionaires: 6,800
• Centi-millionaires: 32
• Billionaires: 4

Mauritius:

• Millionaires: 5,100
• Centi-millionaires: 15
• Billionaires: Not specified

Algeria:

• Millionaires: 2,800
• Centi-millionaires: 8
• Billionaires: 1

Ghana:

• Millionaires: 2,700
• Centi-millionaires: 4

Ethiopia

• Millionaires: 2,700
• Centi-millionaires: 6

Namibia

• Millionaires: 2,300
• Centi-millionaires: 3

Dangote set to get richer in 2024

Earlier, Legit.ng reported that Nigeria's richest man, Aliko DNigeria'staNigeria'snew year strong afteDNigeria'started100 billion in hours.

This comes from a $5 million(N4.42 billion) loss recorded the previous day.

Dangote is expected to get richer in 2024 as his refinery starts operation and other investments mature.

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Source: Legit.ng