Nigeria ranks 4th in Africa for dollar millionaires despite 47% decline since 2015

Nigeria has held its position as the fourth-richest country in Africa by number of dollar millionaires, even as its wealthy population shrank by nearly half over the past decade. The 2025 Africa Wealth Report by Henley & Partners in collaboration with New World Wealth puts Nigeria's millionaire count at 7,200, with 20 centi-millionaires (those worth over $100 million) and three billionaires.

The report shows that Nigeria recorded one of the steepest millionaire population declines on the continent. Since 2015, the number of dollar millionaires in the country has dropped by 47%, reflecting years of currency depreciation, inflation and other macroeconomic pressures that have hurt wealth creation and preservation.

Top 10 African wealth markets

South Africa remains Africa's wealthiest nation by millionaire population. It has 41,100 millionaires, 112 centi-millionaires and eight billionaires. Egypt is second with 14,800 millionaires, 49 centi-millionaires and seven billionaires. Morocco ranks third with 7,500 millionaires, 35 centi-millionaires and four billionaires.

Nigeria follows in fourth place with 7,200 millionaires, narrowly behind Morocco. Kenya rounds out the top five with 6,800 millionaires. Although Kenya has no resident billionaires, the report notes it continues to strengthen its position as one of Africa's fastest-growing wealth markets.

The full ranking of Africa's leading wealth markets is as follows:

South Africa – 41,100 millionaires
Egypt – 14,800 millionaires
Morocco – 7,500 millionaires
Nigeria – 7,200 millionaires
Kenya – 6,800 millionaires
Mauritius – 4,800 millionaires
Algeria – 2,700 millionaires
Ghana – 2,600 millionaires
Namibia – 2,500 millionaires
Ethiopia – 2,400 millionaires

Bottom of the ranking and data gaps

At the lower end, Seychelles recorded the fewest resident millionaires at 500, though it still has one billionaire and six centi-millionaires. Mozambique followed with 800 millionaires, while Rwanda and Zambia each recorded 1,000 millionaires. Uganda ranked fifth from the bottom with 1,600 millionaires.

The report also noted that some African countries, including Tunisia and the Democratic Republic of Congo, were excluded from the rankings because reliable wealth data was insufficient to produce accurate estimates.

What this means for the naira and Nigerian businesses

The 47% drop in Nigeria's millionaire population over the last decade points to deep structural issues. Currency depreciation has repeatedly eroded the naira value of local assets, while double-digit inflation has eaten into real returns. For businesses that depend on high-net-worth consumers, the shrinking pool of dollar millionaires signals weaker demand for luxury goods, premium real estate and high-end services. Without sustained macroeconomic stability, reversing this trend will be difficult.