Nigeria is expected to lose 300 high-net-worth individuals (HNWIs) to other countries in 2024 amid a myriad of challenges, including insecurity and deteriorating economic conditions, bedeviling the country.
the Henley report on private wealth migration 2024, Which was released on Tuesday, indicated that high-net-worth individuals in Nigeria may consider relocating amid the alleged “worst-performing market” associated with the Nigerian economy, due to religious tensions, high crime rates and a weak currency.
The report also reveals that the number of wealthy people living in the country has declined by a whopping 45% over the past decade, making it the worst performing market in Africa during this period.
Popular destinations for millionaires leaving Nigeria include the United Arab Emirates, the United Kingdom and South Africa, as well as several countries in Europe as these countries offer more attractive business environments, political stability and luxurious lifestyles, making them attractive to high net worth individuals. Individually.
The report stated: “Alongside China, the United Kingdom, India, South Korea and Russia, the remaining positions in the top ten list for the influx of millionaires were occupied by Brazil, with 800 millionaires expected to emigrate this year, followed by South Africa (-600), Taiwan (-400), and Vietnam.” And Nigeria, both of which are expected to witness the migration of 300 millionaires.
“But as Dr White points out, the wealthy are leaving these other countries for very different reasons than the UK. Both China and India are seeing high net outflows due to the success of their large economies in generating new millionaires, although wealth growth in China has slowed in years The latter may mean that ongoing losses become more damaging over time. As is the case with many other developing countries, including Brazil, Vietnam, South Africa and Nigeria, Indian millionaires often leave the subcontinent in search of a better lifestyle, and safer and cleaner environments. And access to more premium health and education services. Elsewhere, regional threats and uncertainty about America’s security situation after Trump’s potential victory in the 2024 US presidential election in November means that South Korea and Taiwan continue to see net outflows of wealthy people. .
“Figures detailing the growth of millionaires and billionaires over the past decade confirm a broader economic pattern across the world: the growth of Asia and the world,” says award-winning journalist and President of the Institute for the Humanities in Vienna, Mischa Glenny. The relative decline of Europe. China, India, South Korea, Singapore and Vietnam have all recorded a huge relative increase in the number of high-net-worth individuals – and we can be confident that this trend will continue as growth within Asia continues to rise.
“Prof. Trevor Williams, former chief economist at Lloyds Mercantile Bank, agrees: “Wealth growth is unevenly distributed, with developing and emerging economies expected to grow by more than 4% over the next five years – more than double Rate of advanced economies. This has huge implications for the future growth and distribution of millionaires and billionaires around the world. Many countries in the so-called developing world are witnessing a significant increase in their populations of ultra-high-net-worth individuals.