Vunderkind
Social Member
A new report by New World Wealth has revealed that the number of Nigerians with about N160 million investable funds has jumped to 15,700 people as at the end of 2013. The report says, “The number of people in Nigeria with investable assets of at least $1 million will jump to 23,000 by 2017, after increasing by 44 percent over the past six years to 15,700 in 2013.”
The report by the Johannesburg-based New World Wealth also noted that about 26% of the $82 billion cumulative wealth is held abroad – in the UK, Switzerland and the Channel Islands.
Here are some more interesting facts from the report:
1. Lagos, Nigeria’s commercial capital is home to 9,500 millionaires (61% of Nigeria’s total). Port Harcourt has 1,300 and Abuja 600. The oil and gas industry is responsible for 24% of this wealth.
2. Nigeria is home to five billionaires, foremost of which is Africa’s richest man, Aliko Dangote, whose businesses range from cement to sugar. He has a net worth of $25.2 billion.
3. Nigeria, with a population of 167 million, could officially become Africa’s largest economy this year, overtaking South Africa, which has an annual output of about $320 billion.
4. Nigeria’s current GDP is $295 billion, and it would recalculate its GDP in a few months time. This recalculation, last done in 1990, will lead to more statistical weighting recently-boomed sectors like banking and telecoms. The country’s economy is expected to increase by about 30-60%.
5. In spite of the fairy tale analysis above, the fact will remain that more than half of the nation’s people live on less than $2 daily. In spite of the rapid rate of growth in non-oil sectors, the country is still dependent on oil. Nigeria currently derives 70% of government revenue from the oil sector and 80% of export earnings.
6. Lately, Nigeria has been having too many close shaves for comfort. Nigeria’s stocks which climbed by 40% last year, have dropped sharply and the currency has taken a hit because of a fall in oil revenues and foreign portfolio inflows as the US has unwound its quantitative easing programme. The central bank warned in January that “monetary policy is almost at its limits” in terms of keeping the naira stable.