Nigeria may suffer another wave of capital flight in 2025 as nearly 200 high-net-worth individuals holding over $1m in liquid assets are projected to relocate abroad, potentially moving about $1.5bn out of the country.
The forecast is based on the latest Henley Private Wealth Migration Report 2025, released by investment migration advisers, Henley & Partners, in collaboration with New World Wealth, a global wealth data firm.
According to the data obtained, Nigeria’s millionaire headcount has already shrunk by 53 per cent over the past decade and is on course for another net loss, though lower than the 300 millionaires lost in 2024.
The report projected that a record 142,000 millionaires worldwide would change countries in 2025, a phenomenon it identified as a “leading indicator” of where high-net-worth individuals perceive themselves to be rich with opportunity and stability.
According to the report, the United Kingdom is expected to lose 16,500 high-net-worth individuals, an exodus that could see £66bn (about $92bn) in investable assets depart the nation and its satellite hubs.
China follows at a distant second with an estimated 7,800 outbound millionaires, its lightest leakage in years, while India is forecast to see 3,500 millionaires go.
On the flip side, the United Arab Emirates emerged as the world’s premier destination for the wealthy.
The report predicts a record net inflow of 9,800 millionaires, collectively worth approximately $63bn, for the Gulf state.
This is due to its zero-income-tax regime, investor-friendly residency rules, and Dubai’s relentless marketing as a global lifestyle hub.
The United States ranks second, with 7,500 arrivals primarily driven by the EB-5 investor visa pipeline, while Switzerland’s long-term political stability and low cantonal taxes are expected to attract 3,000 millionaires.
In Southern Europe, the report states that Italy could attract 3,600 wealthy residents, Portugal 1,400, and Greece 1,200, thanks to flat-tax incentives and revamped golden visa schemes.
Saudi Arabia, based on its Vision 2030 diversification push, is the fastest riser for 2025, with 2,400 inbound HNWIs, an eightfold increase from 2024 figures. Canada will see 1,000 millionaires migrate.
On the continent, South Africa, Africa’s largest private-wealth market, is tipped to lose 250 millionaires even as it logs its lowest outflow in five years.
Equally, Morocco and Mauritius will attract 100 HNWIs, while the Seychelles will welcome 50.
The report says, although small, the numbers will be significant relative to their tiny domestic millionaire bases.
Henley & Partners states that it compiles its annual league tables by cross-referencing anonymised asset holdings, international property registers, migration records, and direct interviews with private banks and family office advisers.
According to the report, taxes remain the primary reason countries attract the rich while others haemorrhage them.
Dr. Aliyu Ilias, a development economist, described the decline as a natural result of poorly implemented government policies and soaring inflation experienced in the past year.
“Our Monetary Policy Rate is also high. When you have a high MPR, people would not want to go to banks. They would stay aloof to allow things to normalise,” Ilias argued.
Meanwhile, Foreign Direct Investment inflows into Nigeria dropped by 19 per cent to $250m in the first quarter of 2025, down from $310m recorded in the preceding quarter, according to the Central Bank of Nigeria’s latest Balance of Payments report.
The central bank report read, “DI inflows declined slightly to $0.25bn in Q1 2025, from $0.31bn in Q4 2024.”
Although the figure reflects a quarterly decline, it marked a recovery from the net divestment of $310m recorded in the corresponding period of 2024.
In Q1 2024, the country experienced net negative foreign direct investment, as capital outflows from divesting investors outpaced new inflows.
