Nigeria’s Dollar Millionaire Population Falls 47% in 10 Years, Ranks Fourth in Africa

Nigeria’s population of dollar millionaires fell by 47% between 2015 and 2025, according to the 2025 Africa Wealth Report. The country still ranks fourth in Africa, with 7,200 resident millionaires, 20 centi-millionaires and three billionaires. South Africa leads the continent with 41,100 millionaires, followed by Egypt with 14,800 and Morocco with 7,500. Kenya ranks fifth with 6,800 millionaires. The report links Nigeria’s decline in private wealth to years of naira depreciation, high inflation, weak growth and a difficult investment climate. Despite retaining a top-five position, Nigeria’s figures reflect the heavy impact of prolonged macroeconomic instability on asset values and wealthy residents.

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