Nigeria has retained its position as Africa's fourth-wealthiest nation by number of dollar millionaires, according to the 2025 Africa Wealth Report by Henley & Partners and New World Wealth, despite suffering one of the continent's sharpest declines in high-net-worth individuals over the past decade.
Nigeria's Millionaire Population by the Numbers
The report estimates that Nigeria is home to 7,200 dollar millionaires, 20 centi-millionaires (each with fortunes exceeding $100 million), and three billionaires. While these figures keep Nigeria among Africa's top wealth hubs, the country's millionaire population has plummeted by 47% since 2015—one of the steepest drops recorded on the continent. The decline is attributed to currency depreciation, inflation, and other macroeconomic pressures that have hindered wealth creation and preservation.
Africa's Top Wealth Markets
South Africa leads the continent with 41,100 millionaires, 112 centi-millionaires, and eight billionaires. Egypt ranks second with 14,800 millionaires, 49 centi-millionaires, and seven billionaires. Morocco holds third place with 7,500 millionaires, 35 centi-millionaires, and four billionaires. Nigeria follows closely in fourth, narrowly behind Morocco, while Kenya completes the top five with 6,800 millionaires, though Kenya has no resident billionaires. Other notable entries include Mauritius (4,800 millionaires), Algeria (2,700), Ghana (2,600), Namibia (2,500), and Ethiopia (2,400).
Countries With the Fewest Millionaires
At the bottom of the ranking, Seychelles has the fewest resident millionaires at 500, but still boasts one billionaire and six centi-millionaires. Mozambique follows with 800 millionaires, while Rwanda and Zambia each record 1,000. Uganda ranks fifth from the bottom with 1,600 millionaires. The report notes that Tunisia and the Democratic Republic of Congo were excluded due to insufficient reliable wealth data.
Broader Context: Nigeria's Global Standing
The wealth report comes amid broader discussions on Nigeria's global competitiveness. Separately, the Henley Passport Index ranks Nigeria 45th in Africa and 90th globally, with visa-free access to only 44 destinations, highlighting challenges in travel freedom and economic mobility.
