Nigeria is projected to lose 300 high-net-worth individuals (HNWIs) to other countries in 2024 amid a myriad of challenges
Nigeria is projected to lose 300 high-net-worth individuals to other countries in 2024 amid a myriad of challenges, including insecurity and worsening economic conditions, bedevilling the country.which was released on Tuesday, noted that Nigeria’s high-net-worth individuals would consider relocating amid an alleged “worst performing market” associated with the Nigerian economy, caused by religious tensions, high crime rates, and currency weakness.
The popular destinations for millionaires leaving Nigeria include the UAE, the UK, and South Africa, as well as several countries in Europe as these countries offer more attractive business environments, political stability, and luxury lifestyles, making them appealing to high-net-worth individuals. “But as Dr. White points out, HNWIs are leaving these other countries for quite different reasons from the UK. “Both China and India are seeing high net outflows because of the success of their sizable economies in generating new millionaires, although slowing wealth growth in China in recent years could mean sustained losses become more damaging over time.
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