Nigeria to Lose 200 Millionaires to Capital Flight in 2025

Nigeria is bracing for another round of capital flight in 2025, as nearly 200 of its richest citizens, each holding more than $1 million in liquid assets, are expected to move abroad. Together, they could take roughly $1.5 billion out of the country’s economy.

Wealthy Nigerians on the Move

Data from the Henley Private Wealth Migration Report 2025, compiled by Henley & Partners and New World Wealth, shows Nigeria’s millionaire population has already shrunk by 53 percent over the last ten years.

In 2024, about 300 millionaires left the country. While next year’s net loss will be smaller, it still represents a drain on domestic capital.

Global Patterns of Wealth Migration

Worldwide, a record 142,000 millionaires are projected to change their country of residence in 2025. This trend highlights where high-net-worth individuals feel most secure and see the best opportunities:

• United Kingdom: Expected to lose 16,500 millionaires, potentially sending £66 billion (about $92 billion) overseas.
  
• China: Forecast to see 7,800 wealthy residents depart, its lowest outflow in recent years.
  
• India: Anticipated to lose 3,500 millionaires.

On the receiving end, the United Arab Emirates tops the list with an estimated 9,800 millionaires expected to arrive, bringing in some $63 billion. Its zero-income-tax policy, investor-friendly residency rules, and Dubai’s global branding as a luxury hub make it especially attractive.

The United States follows with 7,500 newcomers, many arriving via the EB-5 investor visa programme, while Switzerland is set to welcome 3,000, drawn by political stability and low cantonal taxes.

Southern European nations also feature prominently: Italy (3,600), Portugal (1,400), and Greece (1,200), buoyed by flat-tax incentives and revamped golden-visa schemes.

Saudi Arabia, riding its Vision 2030 diversification push, is the fastest riser projected to gain 2,400 millionaires next year, an eight-fold increase from 2024. Canada rounds out the list with an influx of 1,000.

Africa’s Shifting Landscape

On the continent, South Africa, Africa’s largest private-wealth market, is forecast to lose 250 millionaires, marking its smallest outflow in five years. Smaller economies stand to benefit: Morocco and Mauritius may each attract 100 high-net-worth individuals, while the Seychelles could see 50 settle in.

Driving Forces Behind the Exodus

Henley & Partners bases its annual rankings on anonymised banking data, property registers, migration records, and interviews with private banks and family offices. Their findings reinforce a familiar theme: tax regimes heavily influence where the ultra-rich choose to live.

Impact on Foreign Investment

Meanwhile, Foreign Direct Investment into Nigeria dipped by 19 percent in Q1 2025, falling from $310 million in Q4 2024 to $250 million, according to the Central Bank’s latest balance-of-payments report. Although this marks a quarterly improvement over the net divestment in Q1 2024, it underscores the ongoing challenge of retaining both domestic and foreign capital.