The UAE is the leading destination for millionaires, attracting 6,700 millionaires in 2024.

The UAE emerged as the top destination for millionaire migration in 2024, welcoming 6,700 high-net-worth individuals. This significant inflow highlights the country’s robust appeal, thanks to its tax-friendly policies, luxurious lifestyle offerings, and strategic position as a global business hub. Following closely are the USA (3,800), Singapore (3,500), and Canada (3,200).

China experienced the most significant exits, with 15,200 millionaires relocating. Nigeria also made the list of countries with the highest millionaire relocations, with 300 in 2024.

Note:
'Millionaires' refer to individuals with investable wealth of $1 million or more.
These are provisional figures for 2024, as the data is based on year-to-date movements to June 2024.
Figures are rounded to the nearest 100.

Source:

New World Wealth

Period:

2024
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Mauritius’ Black River leads the growth in Africa’s wealth hotspots with 105% in a decade (+560 millionaires)
  • Black River, Mauritius, saw the fastest growth in millionaires: more than 105% over 10 years, adding about 560 new millionaires.
  • Marrakech, Morocco, grew by 67%, gaining roughly 680 millionaires from tourism and luxury real estate.
  • Whale Coast, South Africa, added around 600 millionaires with 50% growth, driven by lifestyle migration.
  • Cape Winelands, South Africa, gained about 1,100 millionaires, growing 42% over the decade.
  • Cape Town grew more modestly at 33%, but had the largest absolute gain—over 2,100 millionaires—reaching 8,500 total.

The UK accounted for 62% of Nigeria’s capital imports in Q1 2025; South Africa and Mauritius led African sources
  • The United Kingdom accounted for over 62% of total capital imports into Nigeria in Q1 2025.
  • South Africa and Mauritius are the only African countries in the top 10, ranking 2nd and 3rd respectively.
  • Traditional powerhouses like the US and UAE contributed significantly less than the UK.
  • Emerging markets like the Cayman Islands and Singapore also made the list, reflecting Nigeria’s diverse capital origin base.

After a four-year slump, Nigeria's capital imports rebounded with a massive 215% surge in 2024
  • Nigeria’s capital importation fell from $21.3 billion in 2013 to $12.3 billion in 2024, marking a 42% decline over the 12-year period.
  • After four years of consistent decline, capital inflows surged by 215% in 2024, rising from $3.9 billion in 2023 to $12.3 billion.
  • The data reflects sharp swings, with 2019 peaking at $24 billion, followed by a 60% plunge in 2020 due to global and domestic disruptions.
  • In 2023, capital imports plummeted to their lowest point of the 12-year period, reaching just $3.9 billion.

Equity accounts for 98% of Nigeria’s $126M FDI inflow in Q1 2025
  • Nigeria recorded $126.3 million in foreign direct investment during Q1 2025, comprising 2.2% of the country's total capital importation.
  • Equity investment was the primary FDI channel, accounting for $124.31 million or 98.4% of the total FDI.
  • "Other Capital" (possibly intra-company loans or reinvested earnings) contributed just $1.98 million, a marginal 1.6% share.
  • The dominance of equity suggests that foreign investors are committing more to long-term ownership and participation in Nigerian businesses rather than short-term financing

Portfolio Investment dominated Nigeria’s Q1 2025 capital imports, accounting for over 92% of the total
  • Nigeria recorded $5.64 billion in total capital importation in Q1 2025.
  • Portfolio investment alone contributed a massive $5.2 billion, 92.3% of total inflows.
  • FDI contributed just $126.29 million, making up only 2.2% of total capital importation.
  • Loans totalled $311.17 million, accounting for 5.5% of the total inflow.

Money market instruments dominate over 80% of Nigeria’s $5.2B portfolio investment in Q1 2025
  • Nigeria attracted $5.2 billion in portfolio inflows in Q1 2025, making up 92.3% of all capital importation.
  • With $4.2 billion, money market instruments accounted for a dominant 80.9% of portfolio investments.
  • Bonds contributed $877.4 million, roughly 16.8% of portfolio inflows.
  • Equities saw the smallest share, at $117.3 million or just 2.3% of portfolio capital inflows.

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