Report: 300 Nigerian millionaires may migrate in 2024

Nigeria has been projected to lose 300 millionaires at home to another country in 2024, according to a report on migration by Henley & Partners.

According to the Henley Private Wealth Migration Report 2024, approximately 128,000 of the world’s millionaires are projected to migrate to a new country in 2024, with the United Arab Emirates (UAE) and the United States of America (U.S.A.) topping the list of destinations by these millionaires from Nigeria and others.

The report states that millionaire migration is a leading indicator of the overall health of a country and its economy. Henley & Partners is a British investment migration consultancy that runs the world’s leading government advisory practice for investment migration.

The report listed Nigeria as number nine out of the top 10 countries projected to lose a sizeable number of their millionaires to another country.

Millionaires referred to in the data are individuals with liquid investable wealth of $1 million or more. While Nigeria and Vietnam are projected to experience a net outflow of 300 millionaires each in 2024, 15,200 Chinese millionaires and 9,500 British millionaires are projected to migrate to another country the same year, being the top two.

India and South Africa will experience 4,300 and 1,200 millionaires likely leaving in the same year, according to the report. UAE is the only country projected to experience the highest net inflows of millionaires in 2024 totalling 6,700 and this is due to its growing global appeal as a tourist destination.

The UAE is trailed by the U.S. (+3,800), Singapore (+3,500), Canada (+3,200), Australia (+2,500), Italy (+2,200), Switzerland (+1,500), Greece (+1,200), Portugal (+800) and Japan (400).

For Nigeria, the report states that the country’s High Net-worth Individuals (HNWIs) would consider relocating amid an alleged “worst performing market” associated with the economy.

It stated, “Religious tensions, high crime rate and currency weakness all weigh heavily on Nigeria. The number of HNWIs living in the country is down by a dramatic 45 per cent over the past decade, making it the worst-performing market in Africa.

“Popular destinations for millionaires leaving Nigeria include the UAE, UK and South Africa, as well as many countries in Europe.” The report adds that the benefits of migration of wealth and talent to these host countries are wide-ranging and moderated by four key indicators, namely forex revenue, new business, stock markets and job creation.