Nigeria ranks fourth among African countries with highest number of dollar millionaires

By Abubakar Yunus

Nigeria has retained its position as Africa’s fourth-wealthiest country by number of dollar millionaires, despite recording one of the continent’s steepest declines in high-net-worth individuals over the past decade.

According to the 2025 Africa Wealth Report by Henley & Partners in collaboration with New World Wealth, Nigeria is said to be a home to an estimated 7,200 millionaires, 20 centi-millionaires (worth at least $100 million) and three billionaires.

However, the report noted that the record represents a 47 percent decline in its millionaire population since 2015.

South Africa sits atop the ranking, with 41,100 millionaires, 112 centi-millionaires and eight billionaires, followed by Egypt with 14,800 millionaires, 49 centi-millionaires, and seven billionaires.

Morocco ranked third with 7,500 millionaires, 35 centi-millionaires and four billionaires, narrowly ahead of Nigeria, while Kenya completed the top five with 6,800 millionaires but no billionaires.

Mauritius takes the sixth position, with 4,800 millionaires, followed by Algeria (2,700), Ghana (2,600), Namibia (2,500) and Ethiopia (2,400) to complete the top 10 list.

Among the countries tracked in the report, Seychelles had the fewest resident millionaires at 500 — recording one billionaire and six centi-millionaires.

Mozambique followed with 800 millionaires, while Rwanda and Zambia each had 1,000 millionaires. Uganda ranked fifth from the bottom with 1,600 millionaires.

The report noted that several African countries, including Tunisia and the Democratic Republic of Congo, were excluded because of insufficient reliable data.