In a significant turnaround for Nigeria’s economic landscape, the nation has witnessed its millionaire population swell for the first time since 2021, with projections indicating a reach of 8,100 individuals by 2026. This positive development saw Nigeria add approximately 900 individuals with a net worth of one million US dollars or more within a single 12-month period. This resurgence is largely attributed to a more robust naira, the nation’s currency, and a burgeoning landscape of new business ventures. These factors have collectively helped to mitigate the substantial wealth erosion experienced over the preceding two years, a period marked by the naira’s precipitous decline against the US dollar, according to the latest findings from the 2026 Africa Wealth Report.
The data, meticulously compiled by the global wealth intelligence firm New World Wealth and shared with BusinessDay, reveals a notable 12.5 percent increase in the number of High-Net-Worth Individuals (HNWIs) in Africa’s most populous country. As of June 2026, Nigeria was home to 8,100 HNWIs – individuals possessing liquid wealth exceeding $1 million – a significant rise from the 7,200 recorded a year prior. This marks the first annual expansion of the millionaire demographic since 2021, signaling a welcome reversal after periods of decline.
This uptick represents a partial recovery from the considerable wealth losses the West African nation endured due to the naira’s sharp devaluations. Specifically, Nigeria saw a loss of roughly 1,600 millionaires in 2024 and an additional 200 in 2023. Andrew Amoils, head of research at New World Wealth, highlighted the positive trajectory, stating, “The number of millionaires in the country is up from last year, which is positive. The rise over the past year is mainly due to the strength of the naira against the US dollar and solid new business growth.” However, he also cautioned that, despite this recent recovery, “the currency has still performed very poorly over the full decade.”
Despite the current rebound, the long-term perspective reveals a more challenging trend. Since the inaugural Africa Wealth Report in 2013, Nigeria’s millionaire population has contracted by a substantial 46 percent, shrinking from 15,000 individuals to the current 8,100. Over the past decade alone, the country has experienced a 33 percent decline in its millionaire cohort, a rate of decrease that stands as the steepest among the continent’s five largest wealth markets.
Capital Market Gains Fuel Wealth Creation
Coinciding with the increase in Nigeria’s private wealth is a remarkable performance in the nation’s capital market. Since President Bola Tinubu assumed office in 2023, the stock market has delivered substantial gains for investors. Temi Popoola, group managing director and chief executive officer of the Nigerian Exchange Group (NGX), recently indicated that economic reforms implemented under the Tinubu administration have played a pivotal role in wealth creation, estimating that between 500,000 and 900,000 individuals have become millionaires primarily through capital market gains.
Speaking at the State House in Abuja, Popoola directly linked this surge in wealth creation to the robust performance of the Nigerian stock market, particularly since 2023. The implementation of major foreign-exchange reforms in June 2023 and January 2024 proved to be a turning point, leading to currency stabilization in the latter half of last year and a noticeable appreciation against the US dollar.
By October, the naira had successfully exited the list of Africa’s 10 worst-performing currencies, ending an almost two-year stint on the list. This improvement was bolstered by enhanced foreign-exchange liquidity, stronger external reserves, and strategic policy reforms that collectively supported the currency’s value. The naira entered the current year on a firmer footing and has maintained stronger trading levels compared to much of 2024 and 2025. As of August 11, the official exchange rate stood at N1,364.6 to the US dollar, positioning the naira as the second-best performing currency in Africa with a nearly six percent gain against the dollar.
This currency appreciation holds significant implications for wealth measured in US dollars. A stronger naira directly increases the dollar-denominated value of assets held in naira. This phenomenon can elevate individuals whose wealth is nearing the $1 million threshold into the millionaire category, even without a corresponding increase in the underlying naira value of their assets. However, currency appreciation is not the sole driver behind this wealth growth.
Beyond Currency: A Multifaceted Growth Story
Several other factors are contributing to the expansion of private wealth. The establishment of new businesses, an increase in asset valuations, stronger corporate earnings, and rising investment returns all play a crucial role. Amoils’ emphasis on “solid new business growth” underscores this point, indicating that the recent increase in millionaires is a result of both currency-related factors and genuine wealth generation through productive economic activity.
Economic Recovery as a Foundation
The improvement in the naira’s performance has been mirrored by a stronger overall economic trajectory for Nigeria. According to the National Bureau of Statistics, Nigeria’s real Gross Domestic Product (GDP) grew to 3.87 percent in 2025, an acceleration from 3.38 percent in 2024. Economic activity in key sectors strengthened, leading to a Q4 2025 growth rate of 4.07 percent. This positive momentum has carried into 2026, with Africa’s third-largest economy experiencing its fastest quarterly growth in a decade, registering 3.89 percent in the first quarter, up from 3.13 percent in the same period of the previous year.
This confluence of a more stable currency, robust economic expansion, positive capital market performance, and vibrant new business activity creates a more conducive environment for private wealth creation. This is a stark contrast to the challenges posed by the significant currency fluctuations experienced in 2023 and 2024. Nevertheless, the latest rise in the number of millionaires should be viewed as a recovery rather than a complete eradication of Nigeria’s past wealth erosion.
Given that the country’s dollar-millionaire population remains considerably lower than its 2013 peak, Nigeria still has substantial ground to cover to reclaim its former standing among Africa’s leading wealth markets. However, the current trend offers a positive outlook: after two years of significant wealth losses, partly driven by currency depreciation, Nigeria is once again experiencing an influx of dollar millionaires.
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