Despite the fall of the naira and plunge in crude oil prices, Nigeria still boasts least 770 naira-billionaires whose wealth is valued above $10 million (N1.98 billion) each.
The economy of the nation, though, has taken a toll on the number of billionaires, with about 50 billionaires dropping off the list in 2015.
According to the revered Knight Frank wealth report 2015 obtained by TheCable on Wednesday – with contributions from Nigerian billionaire, Tony Elumelu – Nigeria’s billionaires are expected to rise to 1,080 by 2025. The report says over 15,400 dollar-millionaires were from Africa’s largest economy in 2015, falling by 16,400 people in 2014 and 5,500 in 2005.
WHERE DO NIGERIAN BILLIONAIRES LIVE?
According to the report, Nigeria’s richest live predominantly in two cities: Lagos and Abuja. There are about 450 of the 770 billionaires who reside in Lagos, while another 50 live in Abuja. Of the 10 cities in Africa where these billionaires live, Kano, one of Nigeria’s most populous cities, houses about 10 ultra-high-net-worth individuals (UHNWI). Abuja also plays host to 23 people who are worth more than $30 million (N5 billion), making it the seventh city in Africa, with the highest number of naira-billionaires. Besides the Egyptian and South African capitals, Cairo and Johannesburg, Lagos is the city with the largest number of billionaires in Africa, with 122 UHNWI.
NAIRA AND BILLIONAIRES’ RESIDENCE
According to the report, Lagos’ prime residential markets lost about 20 percent of its value in 2015, following the fall in crude oil prices and the subsequent fall of the nation’s currency. “At one end of the scale, we saw prices in Vancouver rise by almost 25%, with nine other cities including Monaco, Shanghai, Sydney, San Francisco and Istanbul also posting double-digit growth,” the report read. “At the other end of the league table Lagos saw prices drop 20%, unsurprising perhaps given Nigeria’s dependence on oil. “This performance disparity across the 100 locations covered by our Prime International Residential Index (PIRI) highlights the many factors playing out around the world that affect prime property markets.”
THE RICHEST CITIES ACROSS THE WORLD
When it comes to the world stage, Nigeria’s wealth queues behind many nations from around the world, with only five billionaires in dollars on the world rich list for 2016. While Lagos boasts of 122 UHNWIs, New York comes in at the top of the list with 5,600, while London comes in second with 4,905. Moscow, Russian capital city, comes in third with 3,457 UHNWIs. Other top cities on the list include Mexico City, Osaka, Seoul, Singapore, Oslo, Madrid, Taipei, Abu Dhabi, Geneva, Los Angeles, Chicago, Stockholm.