…rises for the first time since 2021, hits 8,100 in 2026
Nigeria added 900 million-dollar millionaires within a period of 12 months, as a stronger naira and new business growth helped reverse some of the wealth losses caused by the currency’s sharp depreciation over the past two years, according to new data from the 2026 Africa Wealth Report.
The data sent to BusinessDay from global wealth intelligence firm New World Wealth shows that the number of High-Net-Worth Individuals (HNWIs) in Africa’s most populous nation — people with more than $1 million in liquid wealth — rose by 12.5 percent to 8,100 in June 2026 from 7,200 a year earlier, marking the country’s first annual increase in its millionaire population since 2021.
The increase represents a partial recovery from the wealth losses the West African nation suffered during the naira’s sharp devaluations. The country lost about 1,600 millionaires in 2024 and another 200 in 2023.
“The number of millionaires in the country is up from last year, which is positive. The rise over the past year is mainly due to the strength of the naira against the US dollar and solid new business growth,” Andrew Amoils, head of research at New World Wealth, said, adding that “the currency has still performed very poorly over the full decade.”
