Wealthy Population Grows 12.5% as Naira and Business Activity Improve 
Nigeria’s population of dollar millionaires has risen to 8,100, putting the country fourth among Africa’s wealthiest markets.
The latest 2026 Africa Wealth Report by New World Wealth shows that Nigeria gained about 900 dollar millionaires over the past year, representing a 12.5% increase from 7,200 recorded a year earlier.
Nigeria now trails only South Africa, Egypt and Morocco, which have 48,200, 15,100 and 8,300 dollar millionaires respectively. Kenya ranks fifth with 6,500.
What Is Driving the Increase?
Researchers attributed Nigeria’s recovery partly to the stronger naira, rising asset values and the growth of new businesses.
A stronger naira increases the dollar value of assets held locally, helping more Nigerians meet the report’s threshold of at least $1 million in liquid investable wealth.
The increase is significant because Nigeria’s millionaire population had fallen sharply in previous years, dropping from about 15,000 in 2013 to 7,200 in 2025.
Despite the latest recovery, Nigeria still has a long way to go before returning to its previous peak.