In 2024, Nigeria is expected to see 300 millionaires emigrate to other countries, according to a migration report by Henley & Partners. The report highlights that approximately 128,000 millionaires globally are likely to relocate this year, with the United Arab Emirates (UAE) and the USA being the top destinations for Nigerian millionaires and others.
Henley & Partners, a British consultancy specializing in investment migration, views millionaire migration as a key indicator of a country’s economic health.
Top Ten Countries for Millionaire Outflows/Inflows
Nigeria ranks ninth among countries projected to lose many millionaires to emigration in 2024. “millionaires” refers to individuals with liquid investable wealth exceeding $1 million.
In the same year, China and the UK are expected to see the largest outflows of millionaires, with 15,200 and 9,500, respectively. India and South Africa follow with projected outflows of 4,300 and 1,200 millionaires.
Conversely, the UAE anticipates the highest net inflow of millionaires in 2024, totalling 6,700, driven by its growing global appeal as a tourist destination. The USA, Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, and Japan also feature prominently in millionaire inflows.
Focus on Nigeria
The report attributes Nigeria’s millionaire outflows to perceived challenges within its economy, including religious tensions, high crime rates, and currency depreciation. Over the past decade, Nigeria has experienced a significant 45% decline in its high-net-worth individuals (HNWIs), making it the worst-performing market in Africa during this period.
Popular destinations for Nigerian millionaires include the UAE, the UK, South Africa, and various European countries.
Key Insights
The migration of millionaires contributes to host countries in several ways, including:
- Foreign Exchange Revenue: Migrating millionaires bring substantial foreign exchange reserves akin to export revenues for the host country.
- New Business Ventures: Around 20% of migrating high-net-worth individuals are entrepreneurs who establish businesses, creating local employment opportunities.
- Stock Market Impact: Millionaires also influence local stock markets through equity investments.
- Job Creation: Their spending power contributes significantly to job creation in sectors such as luxury hospitality, high-tech industries, automotive, and wealth management.
Methodology
The data utilized in the report was sourced from New World Wealth, a wealth intelligence firm renowned for systematically tracking global wealth migration trends.
Additional Information
Despite being one of Africa’s largest economies, alongside South Africa, Nigeria faces challenges such as inflation, which is expected to decrease gradually due to tightened monetary policies and stabilized exchange rates. However, according to World Bank estimates, poverty rates are projected to increase in 2024 and 2025 before stabilizing in 2026.
This report underscores the significant economic implications of millionaire migration trends and their influence on origin and destination countries.
