According to the Henley Private Wealth Migration Report 2024, Nigeria has witnessed a notable decrease in its millionaire population over the past decade, reflecting deepening economic challenges and policy uncertainties under the All Progressive Congress (APC) and current administration led by Bola Tinubu.
The report, which tracks individuals with liquid investable assets of $1 million or more, highlights a trend of wealth migration away from Nigeria, mirroring similar patterns observed in other African nations like South Africa.
While specific figures for Nigeria were not disclosed in the report, the overall decline underscores broader economic struggles including currency devaluation and political instability.
However, emerging markets such as Vietnam, China, and India have seen significant increases in their millionaire populations, with Vietnam leading the growth with a staggering 98% rise over the same period.
In Nigeria, the contraction in the millionaire segment is worsened by regulatory pressures, particularly in the cryptocurrency sector, which has been valued at approximately $400 million.
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Regulatory crackdowns have added to the uncertainty faced by affluent individuals, contributing to the overall decline observed in the Henley report.
The Henley Private Wealth Migration Report also highlights the global shift in wealth distribution, with emerging markets increasingly contributing to the global millionaire population.
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