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Millionaires in Nigeria feel the pinch

10 Jun 2016

The number of millionaires, or high net worth individuals (HNWIs) in Nigeria has declined by 4.6% over the past year, from 16,686 in 2014 to 15,850 in 2015, according to the latest research released by WealthInsight.

Although Nigeria's HNWI population is forecast to grow by 10%, to reach 17,804 in 2020, and HNWI wealth is projected to grow by 26.1% to reach US$131.6 billion, the average wealth will remain below 2015 levels at just $6.5 million per millionaire.

WealthInsight's research shows that in 2016, as many as 836 Nigerians are no longer millionaires, having seen their net worth drop below the US$1m threshold in the last year. Moreover, the majority of Nigeria's HNWI population have witnessed a decrease in their wealth as the average wealth per millionaire has fallen by $0.6 million.

Head of WealthInsight Oliver Williams suggests that many individuals have seen a far larger slice in their net worth as their wealth is inextricably tied to the oil price: "It is not just the Nigerian economy that failed to diversify away from oil during the boom years prior to 2014. Much of the private wealth in Nigeria was also heavily invested in oil before the price started to spiral."

"However, simply condemning Nigeria's largest export would ignore a host of other woes haemorrhaging its economy. A combination of some fairly unorthodox central banking policy has thrown Nigeria's currency, the Naira, into disarray, meanwhile infrastructure underinvestment has left the country with an electricity output no larger than Edinburgh's," explains Williams.

For more information about Nigeria's wealthy, please download a white paper entitled 'Nigeria's Millionaire Misfortune'.

Source: Company Press Release

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