Nigeria Adds 900 Dollar Millionaires in One Year as Naira Strengthens

Nigeria’s millionaire population has recorded its first annual increase in years, with the number of people holding more than $1 million in liquid wealth rising from 7,200 in 2025 to 8,100 in 2026.

Data from global wealth intelligence firm New World Wealth showed that Nigeria recorded a 12.5 per cent increase in its dollar millionaire population as of June 2026. The development marks the country’s first year-on-year growth in this category since 2021.

The increase means Nigeria added about 900 dollar millionaires within a year, offering a sign of recovery after several years of wealth erosion linked largely to the naira’s sharp depreciation.

Andrew Amoils, head of research at New World Wealth, attributed the latest growth mainly to the stronger performance of the naira against the US dollar and growth in new businesses.

He noted, however, that the naira’s performance over the longer term remained weak, meaning the recent improvement has not fully reversed the wealth losses recorded over the past decade.

Nigeria’s millionaire population had previously fallen significantly during the currency crisis. The country lost about 1,600 millionaires in 2024 and another 200 in 2023, according to the wealth report.

Despite the recent rebound, Nigeria still has considerably fewer dollar millionaires than it did a decade ago. The number has declined by about 46 per cent since 2013, when the Africa Wealth Report first put the country’s millionaire population at approximately 15,000.

Over the past 10 years, Nigeria has recorded a 33 per cent decline in its dollar millionaire population, representing the steepest fall among Africa’s five largest wealth markets.

The latest increase in private wealth has also come amid a strong performance by Nigeria’s capital market. The Nigerian Exchange has recorded substantial gains since President Bola Tinubu assumed office in 2023, creating significant wealth for investors.

Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, recently linked the strong performance of the stock market to economic reforms introduced under the Tinubu administration.

Speaking at the State House in Abuja, Popoola estimated that between 500,000 and 900,000 naira millionaires may have been created through gains in the capital market since the reforms began.

However, that estimate should not be confused with the New World Wealth figures. Popoola’s estimate refers to people who became millionaires in naira terms through capital-market gains, while New World Wealth measures individuals with at least $1 million in liquid wealth.

The latest figures therefore point to a mixed picture for Nigeria’s wealth landscape. While the country has added hundreds of dollar millionaires over the past year, its millionaire population remains significantly below the levels recorded before the naira’s prolonged depreciation.

The recovery nonetheless suggests that currency movements, business growth and rising asset values are beginning to influence Nigeria’s private wealth landscape after several difficult years.