Nigeria's dollar millionaire population has increased to 8,100 as of June 2026, according to the 2026 Africa Wealth Report by global wealth intelligence firm New World Wealth. This represents a 12.5 percent rise from the 7,200 recorded a year earlier, adding approximately 900 new high-net-worth individuals. With this growth, Nigeria now ranks as Africa's fourth-largest millionaire market, trailing South Africa, Egypt, and Morocco.
First Annual Growth Since 2021
The increase marks the first annual growth in Nigeria's millionaire population since 2021, following several years of decline attributed largely to naira depreciation and economic pressures. According to New World Wealth, Nigeria lost about 1,600 dollar millionaires in 2024 and another 200 in 2023. Over the longer term, the country's millionaire population has dropped from 15,000 in 2013 to 8,100 in 2026, a decline of approximately 46 percent.
Andrew Amoils, head of research at New World Wealth, said the recovery was mainly driven by the stronger naira and growth in new businesses. However, he noted that the currency had performed poorly over the longer term. A stronger naira can significantly affect dollar-based wealth estimates because it increases the US dollar value of assets held in naira.
Factors Behind the Wealth Increase
Beyond currency movements, other factors have supported wealth creation. New business formation, higher asset values, stronger corporate earnings, and investment returns have all contributed. Nigeria's capital market has recorded strong gains in recent years, providing another channel for private wealth accumulation. Temi Popoola, group managing director and CEO of Nigerian Exchange Group, recently estimated that between 500,000 and 900,000 naira millionaires had been created through capital-market gains since 2023. That estimate, however, refers to naira millionaires and differs from New World Wealth's measure of dollar millionaires, which requires at least $1 million in liquid investable wealth.
Nigeria's Position in Africa's Wealth Rankings
Nigeria is now Africa's fourth-largest millionaire market. South Africa leads with 48,200 dollar millionaires, followed by Egypt with 15,100 and Morocco with 8,300. Kenya follows Nigeria with 6,500 dollar millionaires. Beyond millionaires, Nigeria recorded a modest increase in its ultra-wealthy population. The number of Nigerians worth more than $100 million rose from 20 to 22, while the number of dollar billionaires remained at three.
The latest figures represent a partial recovery for Nigeria's wealthy population, which suffered significant losses as the naira weakened sharply against the US dollar. The recovery is seen as a positive sign for the country's economic trajectory, though the long-term decline from 2013 levels indicates ongoing challenges in wealth retention.
