Nigeria is projected to lose 300 high-net-worth individuals (HNWIs) to other countries in 2024 amid a myriad of challenges, including insecurity and worsening economic conditions, bedeviling the country. This was contained in a report from ‘Henley Private Wealth Migration Report 2024’ released on Tuesday. The report highlights economic challenge, popular destinations, and global trends amongst reasons for their leaving Nigeria.
The report goes on to opin that Nigeria records “worst performing market” associated with the economy, driven by religious tensions, high crime rates, and currency weakness.
Most of these millionairs choose popular destinations like The UAE, the UK, South Africa, and several European countries because they are attractive to high-net-worth individuals due to better business environments, political stability, and luxury lifestyles.
The number of HWIs living in Nigeria has decreased dramatically by 45% over the past decade, making it the worst-performing market in Africa during this period, the reports states.
Other countries, including China, India, South Korea, and Russia, also experience millionaire outflows, driven by diverse reasons. Asia’s growth in centi-millionaires and billionaires contrasts with Europe’s relative decline.
Nigeria’s wealth migration highlights the global shifts in wealth distribution. As growth surges, high-net-worth individuals seek better lifestyles and opportunities beyond their home countries.
