By Emmanuel Nduka Obisue
Nigeria has retained its position as the fourth African country with the highest number of dollar millionaires despite recording a sharp 47 per cent decline in its wealthy population over the past decade.
The latest 2025 Africa Wealth Report, released by Henley & Partners in collaboration with New World Wealth, estimates that Nigeria is home to 7,200 dollar millionaires, 20 centi-millionaires, individuals with net assets of at least $100 million, and three billionaires.
The report, however, showed that Nigeria’s millionaire population has dropped by 47 per cent since 2015, marking one of the steepest declines among African countries and underscoring the impact of prolonged economic challenges on private wealth.
South Africa retained its position as Africa’s wealthiest nation by millionaire population, with 41,100 millionaires, 112 centi-millionaires and eight billionaires. Egypt followed in second place with 14,800 millionaires, 49 centi-millionaires and seven billionaires, while Morocco ranked third with 7,500 millionaires, 35 centi-millionaires and four billionaires.
Nigeria narrowly edged Kenya, which placed fifth with 6,800 millionaires but no billionaires.
Mauritius ranked sixth with 4,800 millionaires, followed by Algeria with 2,700, Ghana with 2,600, Namibia with 2,500 and Ethiopia with 2,400 to complete the top 10.
At the lower end of the ranking, Seychelles recorded the fewest resident millionaires at 500, although it 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 noted that Tunisia and the Democratic Republic of Congo were excluded from the ranking due to insufficient reliable data.
