• The 2025 Africa Wealth Report by Henley & Partners ranked African countries by their number of dollar millionaires
• Nigeria is home to an estimated 7,200 millionaires, 20 centi-millionaires and 3 billionaires, according to the report
• Despite its ranking, Nigeria recorded one of the steepest millionaire population declines on the continent over the past decade

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

Nigeria has maintained its position as the fourth-richest country in Africa by the number of dollar millionaires, despite experiencing one of the continent’s most significant declines in wealthy individuals over the past decade.

The latest 2025 Africa Wealth Report, released by Henley & Partners in collaboration with New World Wealth, shows that Nigeria remains one of Africa’s leading wealth hubs, with thousands of high-net-worth individuals residing in the country.

Nigeria is home to 7,200 dollar millionaires

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According to the report, Nigeria currently has an estimated 7,200 dollar millionaires, 20 centi-millionaires with fortunes exceeding $100 million, and three billionaires.

While the figures are enough to keep the country among Africa’s wealthiest economies, the report revealed that Nigeria’s millionaire population has declined by 47% since 2015, one of the sharpest drops recorded on the continent.

The decline reflects the economic challenges that have affected wealth creation and preservation in recent years, including currency depreciation, inflation and other macroeconomic pressures.

South Africa leads Africa’s wealth ranking

South Africa retained its position as Africa’s wealthiest nation by millionaire population, boasting 41,100 millionaires, 112 centi-millionaires, and eight billionaires.

Egypt ranked second with 14,800 millionaires, 49 centi-millionaires, and seven billionaires, while Morocco secured third place with 7,500 millionaires, 35 centi-millionaires, and four billionaires.

Nigeria followed closely in fourth place, narrowly behind Morocco, while Kenya rounded out the top five with 6,800 millionaires. Although Kenya has no resident billionaires, it continues to strengthen its position as one of Africa’s fastest-growing wealth markets.

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The report ranked the continent’s leading wealth markets as follows:

1. South Africa – 41,100 millionaires
2. Egypt – 14,800 millionaires
3. Morocco – 7,500 millionaires
4. Nigeria – 7,200 millionaires
5. Kenya – 6,800 millionaires
6. Mauritius – 4,800 millionaires
7. Algeria – 2,700 millionaires
8. Ghana – 2,600 millionaires
9. Namibia – 2,500 millionaires
10. Ethiopia – 2,400 millionaires

Countries with the fewest millionaires

At the lower end of the ranking, Seychelles recorded the fewest resident millionaires at 500, although 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.

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Legit.ng earlier reported that Nigeria’s standing in the Henley Passport Index revealed that it ranks 45th in Africa and 90th globally, with visa-free access to just 44 destinations.

This situation underscores a broader narrative of travel freedom and opportunity that shapes citizens’ experiences and aspirations across the continent, making it imperative to examine how Nigeria can improve its global standing.

Source: Legit.ng