The Henley Private Wealth Migration Report 2024 projects that around 300 millionaires in Nigeria will leave the nation due to migration.
This was reported by a London-based British investment migration firm, Henley & Partners, titled “Why Millionaire Migration Matters?”
The reasons billionaires relocate, according to Henley & Partners, are as follows: standard of living; climate, nature, and scenery; work and business opportunities; financial concerns; taxes and retirement; schooling and education opportunities for their children; healthcare system; and safety and security.
While stressing the advantages of this talent and wealth migration to these nations, it also stated that migrant billionaires are an essential source of foreign exchange earnings because they frequently take their money with them when they relocate.
According to Henley & Partners, if a migrant brings $10 million with them, that is the same as a nation earning $10 million from exports because both transactions bring in $10 million in foreign exchange profits for the country.
According to Henley & Partners, millionaires’ equity investments help the local stock market. Additionally, a few wealthy business owners openly list their firms on the regional stock exchange.
Rich people tend to be the first to go, so Henley & Partners noted that while millionaire migration statistics are a useful general measure of an economy’s health, they can also be a bad omen for the future.
TimesNow.com.ng reported that an Oxfam report has stated that the 700 million people who comprise the poorest half of Africa’s population are not as wealthy as the seven richest men in the continent.
The report was presented by the acting country director of Oxfam Nigeria, Hamza Tijani, to journalists in Abuja.
TimesNow.com.ng earlier highlighted the 20 richest Africans to include, Aliko Dangote, Johann Rupert, Nicky Oppenheimer, Abdulsamad Rabiu, and others.
Source: TimesNow.com.ng
