Nigeria to Lose 300 Dollar Millionaires as African Countries With Highest Millionaires Emerge
- A recent report has shown African countries with the highest number of dollar millionaires
- The top five countries include South Africa, Egypt, Nigeria, Kenya and Morocco
- Also, the report said Nigeria would lose about 300 dollar millionaires in 2023
According to the Henley Private Wealth Migration Report, Nigeria is expected to lose about 300 dollar millionaires in 2023, up from 200 last year.
The development will make Nigeria the second-biggest loser of millionaires on the continent, after South Africa.
Source: UGC
Africa to loss 500 dollar millionaires in 2023
Africa is expected to see a net outflow of 500 millionaires in 2023, per the report, which tracks wealth and investment migration trends globally.
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Dollar millionaires or high net worth individuals (NHWIs) refer to persons with an investable $1 million or more wealth.
The report says that the migration figures address only HNWIs who have moved and stayed in their current country for more than six months a year.
The report said:
“Most incoming millionaires going to the UAE come from India, with large numbers also coming from the UK, Russia, Lebanon, Pakistan, Turkey, Egypt, South Africa, Nigeria, Hong Kong, and China.”
The report also said about 4,500 millionaires are expected in UAE this year.
BusinessDay said that a reported breakdown shows that the number of millionaires expected to leave Egypt, Ghana, and Kenya remains unchanged from last year’s figures at 200, 100, and 100, respectively.
The rise in the number of dollar millionaires shows the growth of a growing prosperous class, contributing significantly to various sectors, fostering innovation, and stimulating economic activities.
The top five countries in Africa emerge
Countries housing many-dollar millionaires often experience robust economic growth as they will likely possess enough financial resources to invest in businesses and startups.
The report highlights Africa's ‘big 5’ wealth markets, comprising Egypt, South Africa, Kenya, and Morocco, which account for 56% of Africa’s private wealth.
The top five countries are:
- South Africa: 37,800 millionaires
- Egypt: 16,100 millionaires
- Nigeria: 9,800 millionaires
- Kenya: 7,700 millionaires
- Morocco: 5,800 millionaires
Dangote Crashes on billionaire ranking but earns N72.2 billion in 8 hours as Dangote Cement share price drops
Legit.ng reported that Africa’s richest man, Aliko Dangote, has crashed six places on Bloomberg Billionaire Index released on Tuesday, June 13, 2023.
The Chairman of Dangote Group is now ranked as the 78 wealthiest man in the world from the 72nd position he occupied two weeks ago.
The sluggish performance of the Nigerian stock exchange affected Dangote’s fortunes.
Source: Legit.ng
