10 Features Of Nigeria’s Richest Individuals

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Nigeria is known to house one of the largest pools of wealthy individuals in Africa, amassing fortunes in excess of a million dollars. These fortunes are sourced from the usual suspects including oil and gas, the country’s primary revenue generator as well as manufacturing, telecom and financial services.

According to a report by New World Wealth, Nigeria’s richest individuals display a series of similar characteristics such as attraction to certain industries, choices of residential neighborhood, travel destinations etc. These characters form the basis for traits unique to the Nigerian wealth space. The report reveals underlying facts that makes this uniquely Nigerian.

NOTE –  HNWIs (High Net Worth Individuals) – Those with assets valued in excess of $1 million.

UNHWIs (Ultra High Net Worth Individuals) – Those with assets valued in excess of $1 billion.

1) Number 3 – Nigeria has the third highest number of High Net Worth Individuals (HNWI) in Africa, only topped by South Africa – Africa’s largest economy – and North African giant, Egypt. 15,700 HNWIs were counted in Nigeria, holding a combined wealth of $82 billion, 36 percent of Nigeria’s $277 billion total wealth.

2) Outpacing the world – The West African economic powerhouse saw the introduction of more HNWIs than the rest of the world. HNWI increased by 44 percent between 2007 and 2013, while the number of global HNWIs declined by 0.3 percent.

3) London Condos – It was revealed that 25 percent of HNWIs had a second home abroad in 2013, with majority of these houses located in the busy city of London.

4) European Attraction – 36 percent of foreign assets controlled by the Nigerian wealthy elite is bunked in Europe. This is a significant drop in 2007 figures of 45 percent, and is driven by a reduction in investment and a switch in focus towards Africa and Asia. North America followed behind with 22 percent, Asia Pacific (21 percent), Africa (14 percent), Latin America (5 percent) and Middle East (2 percent).

5) Lagos Is Home – Nigeria’s former capital city houses the highest number of HNWIs in the country. Over 9,500 HNWIs, 61 percent of the nation’s total, reside in Lagos. Other cities with significant contributors include Port Harcourt (1,300 individuals) – a major oil and gas producing city – and Abuja (600) the country’s capital city.

6) Above 50 – The average age of HNWI in Nigeria is 61 years, 57 percent of which are above the 50 years mark. This group is also predominantly dominated by men.

7) Top Ultra 5 – There are 5 Ultra High Net Worth Individuals (UHNWI or billionaires) in Nigeria, according to the report. They include Aliko Dangote, founder of Africa’s largest conglomerate, Dangote Group, who leads the pack. Mike Adenuga, owner of Nigeria’s largest indigenous telecom company Globacom, follows in second place, Folorunsho Alakija – considered the world’s richest black woman – BUA multibusiness conglomerate owner, Abdul Samad Rabiu and Jim Ovia, founder of Zenith Bank and Visafone, a rapidly emerging telecom company, completes the group.

8) The Dangote Factor – The UHNWIs saw their wealth surge 812 percent, rising from $3 billion in 2007 to $30 billion as at 2013. This was largely fostered by the astronomical rise in Aliko Dangote’s fortune, Africa’s richest man.

9) Good Old Oil Money – Oil and gas is the major source of wealth generation for Nigeria’s HNWIs. It is the primary source of 24 percent of UHNWIs. Manufacturing is closely behind, providing 16 percent of their primary source of wealth. Other significant industries including transport and logistics (13 percent), financial services (10 percent) and telecoms (6.5 percent).

10) Equities – Equities are the largest store of HNWIs’ wealth. According to the report, In 2013 equities were the largest asset class, holding 26 percent of total assets, followed by real estate (22 percent) ans cash (16 percent).

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