See why Nigeria will lose 300 millionaire this year

• According to the Henley Private Wealth Migration Report 2024, migration is expected to force almost 300 millionaires out of Nigeria
• According to the report, People are moving to different countries because of safety and security, financial concerns, taxes and others
• In 2024 alone, it is projected that approximately 128,000 millionaires worldwide will relocate to another nation

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The Henley Private Wealth Migration Report 2024 projects that around 300 millionaires in Nigeria will leave the nation due to migration.

Migration happens because for different reasons, which include tax reasons, safety, and business opportunities, amongst others. Photo Credit: Drs Producoes
Source: UGC

This was reported by a London-based British investment migration firm, Henley & Partners, titled "Why Millionaire Migration Matters?"

Why billionaires relocated

The reasons billionaires relocate, according to Henley & Partners, are as follows: standard of living; climate, nature, and scenery; work and business opportunities; financial concerns; taxes and retirement; schooling and education opportunities for their children; healthcare system; and safety and security.

“Approximately 128,000 of the world’s millionaires are projected to migrate to a new country in 2024, with the UAE and the USA topping the list of destinations.”

While stressing the advantages of this talent and wealth migration to these nations, it also stated that migrant billionaires are an essential source of foreign exchange earnings because they frequently take their money with them when they relocate.

According to Henley & Partners, if a migrant brings $10 million with them, that is the same as a nation earning $10 million from exports because both transactions bring in $10 million in foreign exchange profits for the country.

“Many relocating high-net-worth individuals (around 20 percent) are entrepreneurs and company founders, who often start businesses in their new country and therefore create local jobs,” the report stated. “This percentage rises to over 60 percent for centi-millionaires and billionaires.”

According to Henley & Partners, millionaires' equity investments help the local stock market. Additionally, a few wealthy business owners openly list their firms on the regional stock exchange.

“High-net-worth individuals indirectly create thousands of well-paying jobs via their spending power, especially in high-value sectors such as luxury hotels, fine dining, luxury retail, fashion, hi-tech, automotive, prime property, wealth management, and family offices.”

Rich people tend to be the first to go, so Henley & Partners noted that while millionaire migration statistics are a useful general measure of an economy's health, they can also be a bad omen for the future.

Dangote, other African billionaires wealthier than 700m people

Legit.ng reported that an Oxfam report has stated that the 700 million people who comprise the poorest half of Africa's population are not as wealthy as the seven richest men in the continent.

The report was presented by the acting country director of Oxfam Nigeria, Hamza Tijani, to journalists in Abuja.

Legit.ng earlier highlighted the 20 richest Africans to include, Aliko Dangote, Johann Rupert, Nicky Oppenheimer, Abdulsamad Rabiu, and others.

Source: Legit.ng