Is Nigeria a land of billionaires? Facts on Nigerian billionaires revealed

Do you know how many billionaires are in Nigeria? Find out now.

Nigerian economy is going through the hard times right now. There are fluctuations in naira rates, besides, the prices of oil have dropped dramatically (by 20%). Nevertheless, there are still plenty of rich people on this land. Who are they? Where do they live? And how many of them are there in Nigeria? Let’s find it out.

Nigeria a land of billionaires

Nowadays, despite the various economic problems, there are at least official 770 naira-billionaires in Nigeria. Their total net worth comprises of almost N2 billion, which is equivalent to $10 million per each person. Nevertheless, because of instability in the country, their number has dropped off compared to 2015. However, according to the Knight Frank wealth report (the data was received from one of the Nigerian billionaires), their quantity is expected to increase to 1080 by the year 2025. Statistical data show the same tendency. If we compare 2015 figures with the previous years, we will notice it:

770 naira-billionaires in Nigeria.


Number of Nigerian dollar millionaires







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Nigerian billionaires 2016

Even though their quantity is a bit smaller because of the economic instability, we may clearly observe the tendency of growth.

Where do they live?

main cities – Lagos and Abuja

One of the most frequent questions concerns the places, where those billionaires might be found. According to the reports, the richest people of Nigeria prefer accommodating in two main cities – Lagos and Abuja. Most of them have chosen Lagos (about 450), while all the rest reside in Abuja. Besides, there are other cities, where billionaires live, which are included in the African list. Among them, you can find Kano with at least 10 ultra-high-net-worth individuals. Abuja, in its turn, is the 7th in Africa with the largest number of naira-billionaires, whose net worth is more than N5 billion or $30 million. Lagos is another leader with 122 ultra-high-net-worth individuals housing there.

 naira-billionaires in Nigeria.

The wealthiest cities in the world 

Nigeria is included in the list of the countries with the richest people. However, there are many countries, which are ahead. Let’s consider the wealthiest of them:

The wealthiest cities in the world

  • New York with 5600 UHNWIs,
  • London with 4900 UHNWIs,
  • Moscow with 3400 UHNWIs.

Among the others, you can also see Osaka, Seoul, Oslo, Taipei, Geneva, Chicago, Stockholm, Singapore, Madrid, Abu Dhabi, Los Angeles, and so on.


I want to agree with the last commentator. Most billionaires in Africa, especially Nigeria can not show up because of the country's Anti-corruption campaign policy of Buhari’s administration. However, I have the confidence that Nigeria as a country can confidently boast of billionaires that can transform African economy at a glance, but they prefer to invest in Europe, America, Canada, UK, Dubai etc.

Answered 1 year ago.

The output of the first African ranking of billionaires a surprise — it was previously thought that three times less. Forbes averaged on the continent only 16 people with the state more than $1 billion, according to Economic news.

With the result of 55 the Africa rose above Latin America, where known only 51 billionaire. It is noteworthy that many tycoons of the world's poorest continent its first capital earned by owning flour, selling cheap clothes and spreading low-quality cigarettes.

Actually billionaires in Africa about a hundred, I think the authors of the rating. However, many cannot be identified because they carefully hide their condition. Given the high level of corruption and crime in most African countries, the billionaires have a good reason to keep quiet about his financial success.

Answered 1 year ago.
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