Nigeria loses 47% of dollar millionaires, retains 4th position in Africa

What the report says

Vanguard reports that Nigeria’s population of dollar millionaires has fallen sharply over the last decade, citing the 2025 Africa Wealth Report by Henley & Partners and New World Wealth. According to the report, the number of high-net-worth individuals in Nigeria declined by 47% between 2015 and 2025. Even with that drop, Nigeria remained Africa’s fourth-largest market for dollar millionaires, with 7,200 millionaires, 20 centi-millionaires and three billionaires.

The ranking placed South Africa first on the continent, with 41,100 millionaires, 112 centi-millionaires and eight billionaires. Egypt ranked second with 14,800 millionaires, 49 centi-millionaires and seven billionaires, while Morocco came third with 7,500 millionaires, 35 centi-millionaires and four billionaires. Kenya followed Nigeria in fifth place with 6,800 millionaires and no billionaires listed.

Vanguard also reported that Mauritius, Algeria, Ghana, Namibia and Ethiopia completed the top 10 African countries by resident dollar millionaires. At the lower end of the surveyed countries, Seychelles had 500 millionaires but still recorded one billionaire and six centi-millionaires, while Mozambique had 800 millionaires, and Rwanda and Zambia had 1,000 each.

The report linked wealth patterns across Africa to differences in economic conditions, investment environments and capital market development, while noting that some countries, including Tunisia and the Democratic Republic of Congo, were excluded because of limited reliable data. Vanguard framed Nigeria’s decline against a backdrop of macroeconomic pressures such as currency weakness, inflation and sluggish growth, which can reduce dollar-denominated private wealth.