Home » News: About 3,000 Nigerians Lost Dollar Millionaire Status in 10yrs as Report Reveals African Countries With Most Millionaires in 2023

News: About 3,000 Nigerians Lost Dollar Millionaire Status in 10yrs as Report Reveals African Countries With Most Millionaires in 2023

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A recent report by Wealth Report compiled by Henley and Partners has said that Nigeria experienced negative millionaire growth of about 30% from 2012 to 2022, which resulted in 2,949 persons losing their millionaire status in 10 years.

According to legit.ng, Nigerian and four others emerge Africa’s five biggest economies. The report said that Africa’s five biggest economies’ wealth markets include South Africa, Egypt, Nigeria, Kenya, and Morocco.

The report noted that these economies account for 56% of the continent’s high-net-worth individuals and over 90% of Africa’s billionaires. The wealth categories are split into millionaires – persons with a net worth above $1 million; centimillionaire – persons with a net worth above $100 million and billionaires – persons with a net worth above $1 billion. According to the Report, South Africa has 37,800 millionaires, 98 centimillionaires, and five billionaires.

READ: News: Italian Clemente, 18-Year-Old Tops List of 15 Youngest Billionaires in the World in 2023, as 4 Nigerians make Forbes U30 Africa business leaders

Egypt is second with 16,100 millionaires, 54 centimilionaires and eight billionaires. Nigeria is ranked third with 9,800 millionaires, 27 centimillionaires, and four billionaires. Kenya has 7,700 millionaires, 15 centimillionaires, and no billionaires, while Morocco has 5,800 millionaires, 28 centimillionaires, and four billionaires.
Others include:

Mauritius has 4,900 millionaires, 10 centimillionaires, and no billionaires.
Algeria has 2,800 millionaires, eight centimillionaire, and one billionaire.
Ethiopia2,700 millionaires, four centimillionaire, and no billionaires.
Ghana has 2,600 millionaires, five centimillionaire, and no billionaires, and
Tanzania (has 2,400 millionaires, six centimillionaire, and one billionaire.

READ: News: 4 Nigerians among Top 15 African business leaders in the Forbes Africa 30 under 30 class of 2023

Many Africans lost millionaire status in 10 years The continent, however, experienced a drop in individual numbers by 12% in 10 years.

Africa currently boasts 138,000 millionaires, 328 centimillionaires, and 23 billionaires. Their performance was caused by poor growth in three of Africa’s biggest markets, South Africa, Egypt, and Nigeria, which witnessed 21%, 25%, and 30% of negative growth, respectively. Within the period under review, Rwanda emerged as the top-performing market in Africa, with a millionaire growth of 72%, followed by Mauritius, Seychelles, Uganda, and the Democratic Republic of Congo.

Morocco and Kenya’s high-net-worth individual populations accelerated rapidly. The report said: “Ethiopia and Ghana, whose millionaire populations had been multiplying until 2019, have struggled over the past few years, which pulled back their 10-year growth rates.”

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