300 Nigerian Millionaires Expected to Leave Nigeria in 2024 – Report

In 2024, Nigeria is expected to see the emigration of 300 millionaires, according to a migration report by Henley & Partners. This trend is part of a broader global movement, with 128,000 millionaires projected to relocate internationally next year. The United Arab Emirates (UAE) and the United States are the top destinations for these high-net-worth individuals.

The report, which identifies millionaire migration as a key economic indicator, places Nigeria ninth on the list of countries experiencing significant outflows of wealthy citizens. These millionaires are defined as individuals with liquid investable assets of $1 million or more.

Nigeria, alongside Vietnam, is expected to lose 300 millionaires. In contrast, China and the United Kingdom will see the largest outflows, with 15,200 and 9,500 millionaires emigrating, respectively. Other notable countries facing significant millionaire departures include India (4,300) and South Africa (1,200).

The UAE stands out as the leading destination, predicted to gain 6,700 millionaires due to its rising status as a global tourist and business hub. Other top countries attracting millionaires include the USA (+3,800), Singapore (+3,500), Canada (+3,200), Australia (+2,500), and Italy (+2,200).

For Nigeria, the factors driving this exodus include economic challenges, religious tensions, high crime rates, and currency instability. The report highlights popular destinations for Nigerian millionaires, including the UAE, the UK, South Africa, and various European countries.

Henley & Partners, a British investment migration consultancy, is recognized for its expertise in government advisory services related to investment migration, providing valuable insights into these migration trends.