Nigeria’s millionaire class increases from 5,000 to15,400

 Despite increasing economic hardships, the latest
wealth report has indicated that the number of
millionaires in Nigeria has risen to 15,400, about 305
per cent from 5,000 recorded in year 2000, when the
last study on wealthy was conducted. Their combined
networth is about USD150 billion (about N30
trillion).Global Wealth reporters are calculated on
legitimate and registered assets within the tax net.
According to the latest research report by New World
Wealth focusing on Africa’s wealthy class 2015,
wealthy elite is expanding at a dramatic pace.
Forbes wealth report had put total wealth of top 15
wealthy Nigerians at about USD36 billion (about N7.2
trillion).
The top 10 list includes Aliko Dangote, Mike Adenuga,
Folorunsho Alakija, Femi Otedola, Abdulsalamad
Rabui, Theophilus Danjuma, Orji Uzor Kalu, Tony
Elumelu, Jim Ovia, Mohammed Indimi and Tunde
Folawiyo.
Though Nigeria was rated high in general economic
performance emerging the largest economy in
Africa, according to the ranking parameters, the 305
per cent growth rate in number of millionaires puts
the country fourth position in Africa behind Angola,
Ghana and Zambia which came first, second and third
with percentage growth rate in number of
millionaires at 482 per cent, 440 per cent and 400
per cent growth respectively.
However the number of millionaires in these
countries are far less than in Nigeria with Angola,
Ghana and Zambia recording 1500, 2700 and 1000
millionaires respectively.
Moreover the continents economy powerhouses
Morrocco, South Africa and Algeria took distant back
positions in rate of growth in number of millionaires
in the continent coming 15th, 12th and 8th
respectively. However the number of millionaires in
these big econmies are still far much more than
other countries with South Africa in predominance at
46,800 millionaires.
‘’Though huge parts of Africa remain locked in
extreme poverty, it’s impossible to miss the
emergence of ultra-wealthy individuals’’, the report
stated.
New World Wealth defines High Net Worth
Individuals (HNWI) as people with net assets of USD1
million and above.
Overall in Africa, the number of HNWIs has risen by
145 per cent over the period, while the world in
general has seen an increase of just 73 per cent.
New World Wealth provides information on the
global wealth sector, with a special focus on high
growth markets.