Nigeria has lost nearly half of its dollar millionaires over the past decade, with the population of high-net-worth individuals declining by 47 percent between 2015 and 2025, according to the 2025 Africa Wealth Report by Henley & Partners in collaboration with New World Wealth.
Despite the decline, Nigeria retained its position as Africa’s fourth-largest hub for dollar millionaires. The report recorded 7,200 resident millionaires, 20 centi-millionaires with investable wealth of at least $100 million and three billionaires in the country.
South Africa remained Africa’s wealthiest nation by millionaire population, with 41,100 millionaires, 112 centi-millionaires and eight billionaires. Egypt ranked second with 14,800 millionaires, 49 centi-millionaires and seven billionaires.
Morocco secured third place with 7,500 millionaires, 35 centi-millionaires and four billionaires, narrowly ahead of Nigeria. Kenya completed the top five with 6,800 millionaires, although it had no billionaires.
The report also ranked Mauritius sixth with 4,800 millionaires, followed by Algeria with 2,700, Ghana with 2,600, Namibia with 2,500 and Ethiopia with 2,400.
At the lower end of the ranking, Seychelles had the smallest millionaire population with 500 millionaires. However, the island nation still had one billionaire and six centi-millionaires. Mozambique recorded 800 millionaires, while Rwanda and Zambia each had 1,000. Uganda ranked fifth from the bottom with 1,600 millionaires.
According to the report, wealth trends across Africa reflect differences in economic conditions, investment environments and capital market development. It added that countries such as Tunisia and the Democratic Republic of Congo were excluded from the ranking because of insufficient reliable data.
The report noted that Nigeria’s decline in millionaire numbers reflects the impact of prolonged macroeconomic challenges. Factors such as currency depreciation, high inflation and weak economic growth have significantly eroded private wealth over the past decade, while several other African economies have demonstrated greater resilience.
