Devaluation woes sweep 1,600 Nigerians off dollar millionaire list

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A recent report by Henley and Partners, a London investment migration consultancy, has revealed a significant decrease in the number of dollar millionaires in Nigeria, citing naira devaluation and economic difficulties as key factors. The 2024 Africa Wealth Report highlights a 16.3% drop in the country’s millionaire population, with only 8,200 individuals recorded compared to 9,800 in 2022.

Out of the top 10 wealthiest countries in Africa, Nigeria experienced the largest decline in millionaires, followed by Kenya, Egypt, and South Africa. Conversely, countries like Morocco, Mauritius, Ghana, and Namibia witnessed an increase in private wealth. Algeria and Ethiopia saw no change in their millionaire count.

The report’s analysis reveals a concerning trend for Nigeria, as the country has experienced a substantial decline in millionaire growth over the past decade. From 15,000 millionaires in 2013, the figure has plummeted to 8,200 in 2023, marking a 45% decrease.

Source: Business Day

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