Africa’s largest economies have experienced an outflow of wealthy residents over the past decade. More than 8,000 millionaires left top markets, with Nigeria recording the largest drop, according to recent private-wealth estimates.
The figures come from private-wealth research (including Henley & Partners and New World Wealth).
The numbers at a glance
- Nigeria: down 3,384 from about 7,200 millionaires (≈ –47%)
- South Africa: down 2,466 (≈ –6%)
- Egypt: down 2,220 (≈ –15%)
Not every market shrank. Mauritius grew its millionaire pool by 63%, Rwanda by 48%, Morocco by 40%, and Kenya by 14%. In these reports, a “millionaire” is defined as someone with at least $1 million in liquid, investable assets.
Why the outflow?
Wealthy individuals tend to move for safety, policy stability, asset protection, education, and lifestyle. Countries that improved these basics kept or attracted wealth. Those that did not saw more people and capital move abroad.
What it means for Nigeria and other large markets
Fewer resident millionaires can cool demand for luxury real estate and high-end retail and may slow early-stage funding that often relies on local angel investors. It can also affect philanthropy and enrollment in premium schools. The upside: confidence can return quickly if reforms lower risk and improve the ease of living and investing.
Can the trend turn?
Many analysts still expect Africa’s millionaire population to grow strongly over the next decade, driven by finance, technology, logistics, tourism, and renewable energy. The biggest gains are likely in places that deliver the basics: safety, reliable courts, simple taxes, and investable projects.