Richard Ginika Izuora
A report by South Africa-based AfrAsia Bank in collaboration with New World Wealth
has revealed that Nigeria has recorded about 9,100 high net worth individuals (HNWIs).
It was recently released by the 2021 Africa Wealth Report, which reported that Nigeria has the third-highest number of wealthy individuals in Africa; each with minimum net assets of one million dollars and a combined total wealth of approximately $207 billion, as of December 2020.
Nigeria was however, placed on 11th regarding wealth per capita; meaning the country’s wealth is less distributed amongst the population as Mauritius is ranked at number one.
The report further noted that the total private wealth held in Africa amounted to approximately $2.0 trillion as of December 2020.
South Africa, Egypt, Nigeria, Morocco and Kenya, all account for over 50% of Africa’s total wealth.
In its breakdown, 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 wealth per capita; followed by Ghana at $1,830 while Nigeria is ranked 11th with wealth per capita of $1,030.
The report also noted that the COVID-19 pandemic had a severe impact on private wealth and HNWI levels in Africa which dropped by around 9 percent in 2020.
Lagos was ranked as the fourth wealthiest city in Africa maintaining the fourth position from 2017 till date; with Johannesburg retaining the number one spot as the wealthiest city in Africa.