Nigeria's dollar millionaire population has risen to 8,100, with about 900 people joining the ranks of high-net-worth individuals over the past year. This surge brings Nigeria's total dollar millionaires to a staggering 8,100, surpassing most African nations.
Nigeria Ranks Fourth in Africa for Dollar Millionaires
According to the 2026 Africa Wealth Report by New World Wealth, Nigeria's millionaire population has increased by 12.5% in 2026, with the number of Nigerians with at least $1 million in liquid investable wealth rising to 8,100. This growth marks the first annual increase in Nigeria's millionaire population since 2021, following years of decline linked to the naira's depreciation and economic pressures.
The report attributes Nigeria's millionaire growth to a stronger naira, new businesses, and rising asset values. Andrew Amoils, head of research at New World Wealth, said the increase was mainly driven by the stronger naira and growth in new businesses, although he noted that the currency had performed poorly over the longer term.
A Stronger Naira Boosts Dollar-Based Wealth
A stronger naira can have a significant effect on dollar-based wealth estimates because it increases the US dollar value of assets held in naira. However, currency movements are not the only factor behind the increase. New business formation, higher asset values, stronger corporate earnings, and investment returns have also supported wealth creation.
The Nigerian capital market has recorded strong gains in recent years, creating another channel through which private wealth has increased. Temi Popoola, group managing director and CEO of Nigerian Exchange Group, estimated that between 500,000 and 900,000 naira millionaires had been created through capital-market gains since 2023.
Nigeria Joins the Ranks of Africa's Wealthiest Nations
Nigeria is now Africa's fourth-largest millionaire market, behind South Africa, Egypt, and Morocco. South Africa has 48,200 dollar millionaires, Egypt has 15,100, and Morocco has 8,300, while Kenya follows Nigeria with 6,500. The number of Nigerians worth more than $100 million rose from 20 to 22, while the number of dollar billionaires remained at three.
The growth of Nigeria's millionaire population is a significant milestone, highlighting the country's growing economic influence in Africa. As the nation continues to navigate its economic landscape, it will be interesting to see how this growth translates into broader economic development and opportunities for its citizens.
Source: Pulse.ng
