Nigeria has lost nearly half of its dollar millionaires over the past decade, with the number of high-net-worth individuals dropping by 47 per cent between 2015 and 2025, according to the 2025 Africa Wealth Report released by Henley & Partners in collaboration with New World Wealth.
Despite the significant decline, Nigeria retained its position as Africa’s fourth-largest hub for dollar millionaires, with 7,200 millionaires, 20 centi-millionaires—individuals with investable wealth of at least $100 million—and three billionaires. The country ranks behind South Africa, Egypt and Morocco.
According to the report, South Africa remains the continent’s wealthiest nation by millionaire population, with 41,100 millionaires, 112 centi-millionaires and eight billionaires. Egypt follows with 14,800 millionaires, 49 centi-millionaires and seven billionaires, while Morocco occupies 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 recorded no billionaires. Mauritius ranked sixth with 4,800 millionaires, followed by Algeria (2,700), Ghana (2,600), Namibia (2,500) and Ethiopia (2,400), completing Africa’s top 10 countries by resident dollar millionaires.
At the lower end of the ranking, Seychelles had the smallest millionaire population with 500 millionaires, despite having 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 attributed the differences in wealth across African countries to varying economic conditions, investment environments and the level of capital market development. It also noted that countries such as Tunisia and the Democratic Republic of Congo were excluded from the ranking because of insufficient reliable data.
Explaining Nigeria’s decline, the report said prolonged macroeconomic challenges—including currency depreciation, high inflation and weak economic growth—have significantly eroded private wealth over the past decade, while several other African economies have shown greater resilience.
