Nigeria has been projected to lose 300 millionaires at residence to a different nation in 2024, in accordance with a report on migration by Henley & Companions.
In line with the report seen by Nairametrics, roughly 128,000 of the world’s millionaires are projected emigrate to a brand new nation in 2024, with the United Arab Emirates (UAE) and the USA topping the checklist of locations by these millionaires from Nigeria and others.
The report states that millionaire migration is a number one indicator of the general well being of a rustic and its economic system.
Henley & Companions is a British funding migration consultancy that runs the world’s main authorities advisory observe for funding migration.
High ten nation millionaire outflows/inflows
The report listed Nigeria as quantity 9 out of the highest ten nations projected to lose a sizeable variety of their millionaires to a different nation.
Millionaires referred to within the knowledge are people with liquid investable wealth of $1 million or extra.
Whereas Nigeria and Vietnam are projected to expertise a web outflow of 300 millionaires respectively in 2024, 15,200 Chinese language millionaires and 9,500 British millionaires are projected emigrate to a different nation the identical yr, being the highest two.
India and South Africa will expertise 4,300 and 1,200 millionaires outflows in the identical yr, in accordance with the report.
UAE is the one nation projected to expertise the best web inflows of millionaires in 2024 totalling 6,700 and this is because of its rising international attraction as a vacationer vacation spot.
In line with the info, 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).
Highlight on Nigeria
For Nigeria, the report states that the nation’s high-net-worth people would think about relocating amid an alleged “worst performing market” related to the Nigerian economic system.
The reviews acknowledged,
“Non secular tensions, excessive crime charges, and forex weak point all weigh closely on Nigeria.
“The variety of HNWIs residing within the nation is down by a dramatic 45% over the previous decade, making it the worst performing market in Africa over this era.
“Standard locations for millionaires leaving Nigeria embody the UAE, the UK, and South Africa, in addition to a number of nations in Europe.”
Extra Insights
The report added that the advantages of migration of wealth and expertise to those host nations are wide-ranging and moderated by 4 key indicators:
- Foreign exchange income: The report defined that migrating millionaires are an important supply of foreign exchange income as they have a tendency to deliver their cash with them once they transfer to a brand new nation. “For example, a migrant who brings $10 million with them is equal to a rustic producing $ 10 million in export income as each transactions generate $10 million of foreign exchange income for the nation,” it acknowledged.
- New enterprise: It states that many relocating high-net-worth people (round 20%) are entrepreneurs and firm founders, who search to begin companies in a brand new nation. Such migration is anticipated to create native jobs.
- Inventory markets: The report states that millionaires increase the native inventory market by way of their fairness investments.
- Job creation: The report added that “most significantly, high-net-worth people not directly create hundreds of well-paying jobs by way of their spending energy, particularly in high-value sectors equivalent to luxurious motels, fantastic eating, luxurious retail, vogue, hi-tech, automotive, prime property, wealth administration, and household workplaces.”
Methodology
The information was provided by wealth intelligence agency, New World Wealth, in accordance with the British agency, is “the one identified unbiased analysis agency systematically monitoring international wealth migration traits between nations and cities.”
What you need to know
- In the meantime, Nigeria prides itself on being amongst Africa’s three largest economies together with South Africa.
- World Financial institution knowledge estimates that inflation within the Nigerian economic system is anticipated to regularly lower on the again of financial coverage tightening and trade price stabilization.
- In consequence, poverty charges are anticipated to extend in 2024 and 2025 earlier than stabilizing in 2026.
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