…Wealthy Nigerians Increase From 7,200 To 8,100 In 12 Months
…Number Of Nigerians With Over $1m In Liquid Wealth Jumps 12.5% In One Year
…South Africa, Egypt, Morocco Maintain Lead Over Nigeria Among Africa’s Wealthiest Markets
…Country’s Millionaire Population Still Down 33% Over The Past Decade
Daud Olatunji
Nigeria’s dollar-millionaire population has increased by 900 in one year, marking the first annual rise in four years amid a stronger naira, improved economic growth, capital-market gains and increased business activity.
The number of Nigerians with more than $1m in liquid wealth rose from 7,200 in June 2025 to 8,100 in June 2026, representing a 12.5 per cent increase, according to the 2026 Africa Wealth Report by global wealth intelligence firm, New World Wealth.
The development signals a reversal of the downward trend that followed the naira’s sharp depreciation and successive foreign exchange reforms in recent years.
However, the latest increase represents only a partial recovery, with Nigeria still having significantly fewer dollar millionaires than it did a decade ago.
The report showed that Nigeria lost about 1,600 dollar millionaires in 2024 and another 200 in 2023 as the naira weakened sharply against major international currencies.
New World Wealth Head of Research, Andrew Amoils, attributed the latest increase primarily to the strengthening naira and growth in new businesses.
“The number of millionaires in the country is up from last year, which is positive,” Amoils said, while stressing that the naira had “still performed very poorly over the full decade.”
Despite the 12.5 per cent annual increase, Nigeria’s millionaire population remains 46 per cent below the level recorded when the Africa Wealth Report was first published in 2013.
At the time, Nigeria had about 15,000 dollar millionaires.
The latest figures mean that the country has lost almost half of its dollar-millionaire population over the period.
Over the past decade alone, the number has declined by 33 per cent, representing the steepest fall among Africa’s five largest wealth markets.
The latest recovery therefore does not yet represent a complete reversal of Nigeria’s long-term wealth erosion.
The improvement in private wealth has also coincided with strong gains in the Nigerian capital market.
The Group Managing Director and Chief Executive Officer of the Nigerian Exchange Group, Temi Popoola, recently estimated that economic reforms and capital-market gains since 2023 had created between 500,000 and 900,000 naira millionaires.
Popoola made the disclosure at the State House, Abuja, where he linked the increase to the performance of the Nigerian stock market since the commencement of the reforms.
However, the NGX estimate and the New World Wealth figures measure different categories of wealth.
While Popoola’s estimate relates to Nigerians whose wealth increased to at least N1m through capital-market gains, New World Wealth’s figure covers individuals with more than $1m in liquid wealth.
The two figures nevertheless highlight the growing influence of asset-price appreciation, investment returns and business activity on wealth creation in Nigeria.
Nigeria fourth-largest wealth market
With 8,100 dollar millionaires, Nigeria ranks fourth among Africa’s five largest wealth markets.
South Africa leads with 48,200 dollar millionaires, followed by Egypt with 15,100 and Morocco with 8,300.
Kenya occupies fifth position with 6,500 dollar millionaires.
South Africa recorded a 17.3 per cent increase in its millionaire population during the period, while Egypt grew by two per cent and Morocco by 10.7 per cent.
Kenya was the only one among the five major markets to record a decline, with its millionaire population falling by 4.4 per cent.
Morocco recorded the strongest decade-long growth among the five markets, with its millionaire population increasing by 55 per cent.
New World Wealth linked Morocco’s performance partly to the inflow of wealthy retirees from Europe and the Middle East, a strong currency and sustained growth in the luxury property market.
Stronger naira lifts dollar wealth
The resurgence in Nigeria’s dollar-millionaire population coincided with an improvement in the fortunes of the naira.
Following major foreign exchange reforms in 2023 and 2024, the currency suffered sharp devaluations before stabilising in the second half of 2025 and subsequently gaining strength against the dollar.
As of August 11, the official exchange rate stood at N1,364.60 to the dollar, representing a gain of almost six per cent and making the naira the second-best-performing currency in Africa at the time.
The stronger naira has an immediate effect on the dollar value of assets held in the local currency.
Consequently, Nigerians whose wealth is close to the $1m threshold may enter the dollar-millionaire category when the naira appreciates, even where the underlying naira value of their assets has not increased by the same proportion.
But New World Wealth stressed that currency appreciation was not the only factor behind the increase.
New business formation, higher asset values, stronger corporate earnings and improved investment returns also contributed to the growth.
Economic growth strengthens
The increase in private wealth has come alongside improved economic growth.
Figures from the National Bureau of Statistics showed that Nigeria’s real Gross Domestic Product grew by 3.87 per cent in 2025, up from 3.38 per cent in 2024.
Growth accelerated to 4.07 per cent in the fourth quarter of 2025.
The economy subsequently expanded by 3.89 per cent in the first quarter of 2026, representing its fastest first-quarter growth in a decade.
The combination of improved foreign exchange liquidity, a more stable naira, stronger economic growth, capital-market gains and increased business activity has created a more favourable environment for private wealth creation.
Nigeria records 22 centi-millionaires
Beyond dollar millionaires, Nigeria’s population of ultra-high-net-worth individuals also increased slightly.
The country now has 22 centi-millionaires—individuals worth more than $100m—up from 20 a year earlier.
The number of Nigerian billionaires, however, remained unchanged at three.
Across Africa, the 2026 Africa Wealth Report estimates that there are slightly more than 127,000 dollar millionaires, including 374 centi-millionaires and 28 billionaires.
New World Wealth projects further expansion in African private wealth in the coming years, particularly in cities and destinations that combine investment opportunities, security and quality of life.
For Nigeria, however, the latest figures remain a recovery story rather than a full return to its previous wealth position.
With the number of dollar millionaires still 46 per cent below the 2013 level and down 33 per cent over the past decade, the country has significant ground to cover.
Nevertheless, after four consecutive years of decline, Nigeria has now recorded a clear shift in direction, adding 900 dollar millionaires in just 12 months as currency stability, economic growth, investment gains and new business activity combine to rebuild private wealth.
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