Nigeria has recorded about 9,100 high net worth individuals (HNWIs) each with minimum net assets of one million dollars and a combined total wealth of approximately $207 billion, as at December 2020.
The 2021 Africa Wealth Report released by South Africa-based AfrAsia Bank in collaboration with New World Wealth, also stated that by this record, Nigeria has the third highest number of wealthy individuals in Africa.
It, however, ranked Nigeria 11th on wealth per capita, meaning the country’s wealth is less distributed amongst the population as Mauritius is ranked at number one.
AfrAsia Bank, a global market research group in Johannesburg, defines total wealth as the private wealth held by individuals living in a city/country. This includes all their assets – property, cash, equities, business interests – less any liabilities, and excluding government funds.
According to the report, the total private wealth held in Africa amounted to approximately $2.0 trillion as at December 2020 with the five biggest wealth markets in the continent being South Africa, Egypt, Nigeria, Morocco and Kenya, all accounting for over 50% of Africa’s total wealth.
Specifically, the report said that as at December 2020, the total private wealth in South Africa was $604 billion, followed by Egypt $282 billion, Nigeria $207 billion, Morocco $111 billion, and Kenya $90 billion. Ghana came in at 7th position with $56 billion.
However, in terms of wealth per capita, the report noted that Mauritius remains the wealthiest country in Africa, as Nigeria comes in at a distant 11th position.