Nigeria’s Millionaire Class Increases From 5,000 To 15,400

Despite increasing economic hardships, the latest wealth report has indicated that the number of millionaires in Nigeria has risen to 15,400, about 305 per cent from 5,000 recorded in year 2000, when the last study on wealthy was conducted. Their combined networth is about USD150 billion (about N30 trillion).Global Wealth reporters are calculated on legitimate and registered assets within the tax net.

According to the latest research report by New World Wealth focusing on Africa’s wealthy class 2015, wealthy elite is expanding at a dramatic pace.

Forbes wealth report had put total wealth of top 15 wealthy Nigerians at about USD36 billion (about N7.2 trillion).

The top 10 list includes Aliko Dangote, Mike Adenuga, Folorunsho Alakija, Femi Otedola, Abdulsalamad Rabui, Theophilus Danjuma, Orji Uzor Kalu, Tony Elumelu, Jim Ovia, Mohammed Indimi and Tunde Folawiyo.

Though Nigeria was rated high in general economic performance emerging the largest economy in Africa, according to the ranking parameters, the 305 per cent growth rate in number of millionaires puts the country fourth position in Africa behind Angola, Ghana and Zambia which came first, second and third with percentage growth rate in number of millionaires at 482 per cent, 440 per cent and 400 per cent growth respectively.

However the number of millionaires in these countries are far less than in Nigeria with Angola, Ghana and Zambia recording 1500, 2700 and 1000 millionaires respectively.

Moreover the continents economy powerhouses Morrocco, South Africa and Algeria took distant back positions in rate of growth in number of millionaires in the continent coming 15th, 12th and 8th respectively. However the number of millionaires in these big economies are still far much more than other countries with South Africa in predominance at 46,800 millionaires.

‘’Though huge parts of Africa remain locked in extreme poverty, it’s impossible to miss the emergence of ultra-wealthy individuals’’, the report stated.

New World Wealth defines High Net Worth Individuals (HNWI) as people with net assets of USD1 million and above.

Overall in Africa, the number of HNWIs has risen by 145 per cent over the period, while the world in general has seen an increase of just 73 per cent.

New World Wealth provides information on the global wealth sector, with a special focus on high growth markets.

Vanguard report