Nigeria has been projected to lose 300 millionaires at home to other countries in 2024, according to a report on migration by Henley & Partners.…
Nigeria has been projected to lose 300 millionaires at home to other countries in 2024, according to a report on migration by Henley & Partners.
According to the report, approximately 128,000 of the world’s millionaires are projected to migrate to other countries in 2024, with the United Arab Emirates (UAE) and the USA topping the list of destinations.
The report stated that millionaires’ migration was 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 sizable number of their millionaires to other countries.
The millionaires referred to in the data are individuals with liquid investable wealth of $1m 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 other countries the same year, being the top two.
India and South Africa will experience 4,300 and 1,200 millionaires’ outflows respectively 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.
According to the data, the UAE is trailed by the USA (+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 stated that the country’s high-net-worth individuals would consider relocating amid an alleged “worst performing market” associated with the Nigerian economy.
The report stated that religious tensions, high crime rates and currency weakness all weighed heavily on Nigeria.
The report reads in part: “Popular destinations for millionaires leaving Nigeria include the UAE, the UK and South Africa, as well as several countries in Europe.”
