Thursday , July 25 2024
Nigeria Sees 300 Millionaires Join Record-Breaking Global Migration of 128,000 High-Net-Worth Individuals in 2024

Nigeria Sees 300 Millionaires Join Record-Breaking Global Migration of 128,000 High-Net-Worth Individuals in 2024

A significant wave of affluent Nigerians are increasingly looking abroad for new homes, with a staggering 300 high-net-worth individuals (HNWIs) projected to relocate in 2024.

This exodus and surge in Nigerian millionaire migration is part of a record-breaking global trend that sees a total of 128,000 millionaires migrating to new countries this year, according to a new report on migration by Henley & Partners.

Henley & Partners is a British investment migration consultancy that runs the world’s leading government advisory practice for investment migration.

The reasons behind this surge in wealthy departures are multifaceted, ranging from economic considerations to a desire for a better quality of life.

According to the report, about 128,000 of the world’s millionaires are projected to migrate to a new country in 2024, with the UAE and the USA topping the list of destinations.

In Africa, South Africa continues to be a leading country for millionaire outflows, with an estimated 600 high-net-worth individuals (HNWIs) expected to leave in 2024. Nigeria follows, with 300 millionaires anticipated to depart.

South Africa traditionally loses 300 to 400 HNWIs to migration annually so the 2024 figures represent a new record outflow.

The report listed Nigeria as number nine out of the top ten countries projected to lose a sizeable number of their millionaires, high-net-worth individuals 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 respectively 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 outflows in the same year, according to the report.

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