About 300 Millionaires to Migrate out of Nigeria in 2024 – Report

Henley & Partners, a British investment migration consultancy in its migration report has raised a concerning projection that suggests that Nigeria may lose as many as 300 millionaires to other countries in 2024. The report, obtained by Nairametrics, reveals that approximately 128,000 of the world’s millionaires are expected to migrate to new countries in the upcoming year.  The United Arab Emirates (UAE) and the United States of America (USA) emerging as the top destinations for these wealthy individuals from Nigeria and other nations.

The report also highlights that millionaire migration serves as a leading indicator of a country’s overall health and economic well-being. Consequently, the potential exodus of 300 millionaires from Nigeria could be a concerning sign for the nation’s economic stability and attractiveness for high-net-worth individuals.

The report’s findings underscore the growing trend of wealthy individuals seeking new opportunities and favorable environments for their investments and lifestyles. This migration pattern may have far-reaching implications for Nigeria, as the departure of millionaires could potentially impact the country’s tax revenue. This also includes investment landscape, and overall economic growth prospects.

It is worth noting that Henley & Partners, a British investment migration consultancy renowned for its expertise in investment migration, conducts the world’s leading government advisory practice in this field. Their report sheds light on the global dynamics of millionaire migration and serves as a valuable resource for understanding the potential implications of such movements for various economies.

Millionaire Inflows and Outflows

The report listed Nigeria as number nine among the top ten countries projected to lose a sizable number of millionaires to another country.

The term “millionaires” in the data refers to individuals with liquid investable wealth of $1 million or more.

Nigeria and Vietnam are each to experience a net outflow of 300 millionaires in 2024.

China tops the list with an outflow of 15,200 millionaires in 2024.

The United Kingdom is second with a projected outflow of 9,500 millionaires in the same year.

India and South Africa will experience outflows of 4,300 and 1,200 millionaires respectively in 2024.

The UAE will experience the highest net inflow of millionaires in 2024, totaling 6,700. This projected inflow to the UAE is due to its growing global appeal as a tourist destination. Following the UAE, the USA is to have a net inflow of 3,800 millionaires in 2024.

ALSO READ:

Nigeria Ranks Low in 2024 World Citizenship Report

The report projects millionaire inflows of 3,500 to Singapore, 3,200 to Canada, 2,500 to Australia, 2,200 to Italy, and 1,500 to Switzerland.  1,200, 800, and 400 will be heading to Greece, Portugal and Japan respectively.

Most of this report was originally culled from Nairametrics.