Lebanon and Nigeria lead global millionaire decline, down 60% and 53% in 10 years amid capital flight

  • Lebanon and Nigeria top the global list, recording millionaire population declines of -60% and -53% respectively over the past decade.
  • Three African countries, Nigeria (-53%), Angola (-36%), and South Africa (-12%), appear in the top 10, signalling a regional pattern of wealth erosion.
  • Pakistan (-40%), Egypt (-26%), and Argentina (-22%) rank among the top 10, showing that sharp millionaire losses extend beyond Africa into Asia and Latin America.
  • The average millionaire decline across the top 10 countries is over 33%, highlighting a widespread erosion of wealth in politically and economically vulnerable regions.

Over the last 10 years, the millionaire population has sharply declined in several emerging and middle-income nations, with Lebanon (-60%) and Nigeria (-53%) leading the global downturn. These figures underscore a significant trend: a wave of capital and talent leaving countries grappling with instability, inflation, and policy uncertainty.

Among the top 10, three African nations stand out: Nigeria (-53%), Angola (-36%), and Egypt (20%), suggesting that the continent’s wealth base is not only shrinking but also relocating. Nigeria’s -53% drop, in particular, reflects a deepening lack of confidence in the economic environment. From insecurity to currency devaluation, the flight of millionaires speaks volumes about the challenges the elite face in maintaining and preserving wealth locally. Other countries in the top 10, like Pakistan (-40%) and Argentina (-26%), share similar symptoms: economic volatility, governance issues, and reduced investor trust.

Source:

Henley & Partners

Period:

2014-2024
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