Nigeria has shed almost half of its dollar millionaires over the past ten years, according to a new report by Henley & Partners, marking the steepest decline in private wealth anywhere on the continent.

The report, which tracks wealth migration and accumulation across 20 African countries, shows Nigeria’s pool of individuals worth $1m or more shrank by 47% between 2015 and 2025. The country now counts just 7,200 millionaires, alongside 20 centi-millionaires ($100m+) and three billionaires.

By contrast, Africa’s overall millionaire population fell by a far smaller 5% in the same period, underlining Nigeria’s outsized losses.

A continent of diverging fortunes

Nigeria’s decline stands out in a landscape where several other African markets have managed to grow their high-net-worth populations. Mauritius, for example, recorded a 63% surge in millionaires to 4,800 over the past decade, while Rwanda grew its wealthy class by 48%. Ethiopia, Uganda, and Namibia also notched double-digit gains.

Traditional wealth hubs, however, have struggled. South Africa, still home to the largest number of millionaires at 41,100, saw a 6% contraction. Egypt shed 15% of its wealthy, while Angola experienced a steep 36% drop.

Morocco is a notable exception among North African economies, recording a 40% increase to 7,500 millionaires.

What explains Nigeria’s collapse?

A handful of factors could be attributed to the sharp dragging down of Nigeria’s wealthy elite: currency depreciation, capital flight, weak equity market performance, and political and regulatory uncertainty. The naira’s sharp devaluation over the past decade has been particularly damaging, eroding dollar-denominated net worths and pushing many high-net-worth individuals to relocate assets abroad.

The oil-dependent economy has also struggled to generate new sources of wealth creation at the same pace as peers. While Nigeria has seen some growth in fintech and creative industries, these sectors remain too small to offset declines in more traditional wealth engines like oil, banking, and real estate.

Africa’s billionaires hold steady

Despite the millionaire exodus, Africa still counts 25 billionaires, with South Africa (8) and Egypt (7) leading the list. Nigeria’s billionaire count has stayed at three, but its middle tier — centi-millionaires — has been hollowed out, with only 20 remaining.

This “squeezed middle” is important, analysts note, because centi-millionaires often act as key investors in local capital markets and venture ecosystems. Their decline could have long-term effects on Nigeria’s investment landscape. The startup ecosystem, the biggest recipient of local private capital is the worst hit this year, placing 4th on the continent overall, according to data tracked by Launch Base Africa this year. 

The Bottom Line

The Henley report suggests that wealth migration will continue to shape Africa’s financial future. Countries with more stable political environments, such as Mauritius, Rwanda, and Namibia, are emerging as magnets for private wealth, while economies plagued by volatility face an uphill battle to retain their affluent class.

For Nigeria, the picture is particularly stark: the continent’s most populous country has seen its millionaire population hollowed out at the fastest rate in Africa, a trend that could hinder capital formation and long-term investment if not reversed.