Wealth in Nigeria: The Future of Nigerian HNWIs

  • ID: 2757648
  • Report
  • Region: Nigeria
  • 97 Pages
  • New World Wealth
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FEATURED COMPANIES

  • Barclays (ABSA Wealth)
  • Credit Suisse
  • First Bank
  • Hugo Boss
  • Stanbic IBTC Bank
  • UBS
  • MORE
This report provides a comprehensive review of the wealth sector in Nigeria, including HNWI trends, wealth management trends and luxury trends in the country.

Scope:

- Independent market sizing of local HNWIs across five wealth bands.
- HNWI volume, wealth and allocation trends from 2007 to 2013 (the review period).
- HNWI volume, wealth and allocation forecasts to 2017.
- HNWI and UHNWI asset allocations across 16 asset classes.
- Details on offshore funds and where they are held.
- Demographics including age, city and sector breakdowns of HNWIs.
- Size of local wealth management industry.
- Largest domestic private banks by AuM.
- Detailed wealth management and family office information.
- Review of luxury and collectables industry in country.
- Insights into the drivers of HNWI wealth.

Key Highlights

- Nigeria has the 3rd highest number of HNWIs in Africa. In 2013, there were 15,700 HNWIs in Nigeria, with a combined wealth of US$82 billion, accounting for roughly 36% of Nigeria's total individual wealth (US$227 billion).
- Nigerian HNWIs outperformed the worldwide HNWI average during the review period, with Nigerian HNWI numbers increasing by 44% whilst worldwide HNWI volumes declined by 0.3%.
- The rise in US dollar based HNWI wealth occurred despite a significant 25% depreciation of the naira against the US dollar during the review period.
- HNWI growth was positively influenced by rising commodity prices and an increase in new business formation, particularly in telecoms sector.
- Growth in HNWI wealth and volumes will be solid over the forecast period as more new businesses are developed within the country.
- Over the four year forecast period, the number of Nigeria's HNWIs is forecast to grow by 47%, to reach 23,000 in 2017. HNWI wealth will again see a slightly smaller percentage increase, growing by 42% to reach US$117 billion in 2017.
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FEATURED COMPANIES

  • Barclays (ABSA Wealth)
  • Credit Suisse
  • First Bank
  • Hugo Boss
  • Stanbic IBTC Bank
  • UBS
  • MORE
TABLE OF CONTENTS

1 Introduction
2 Executive Summary
3 Wealth Sector Fundamentals
3.1 Political Background to Nigeria
3.2 Economic Background to Nigeria
3.3 Benchmarking Nigeria's Wealth in Context
3.3.1 World statistics
3.3.2 Distribution of wealth in Nigeria
3.3.3 HNWI volume and wealth trends
4 Findings from the New World Wealth HNWI Database
4.1 Trends in HNWI Wealth to 2017
4.1.1 HNWI trend analysis
4.1.2 Trends of the wealth bands
4.1.3 HNWIs - Age distribution
4.1.4 HNWIs – Breakdown by city
4.1.5 Affluent Neighborhoods & Suburbs
4.1.1 HNWIs – Population densities
4.2 UHNWIs
4.2.1 UHNWI volume trend analysis
4.2.2 UHNWI wealth trend analysis
4.2.3 UHNWIs – Industry breakdown
4.3 UHNWIs – Billionaires
4.3.1 Billionaire volume trend analysis
4.3.2 Billionaire wealth trend analysis
4.3.3 Billionaire per capita net worth trend analysis
4.3.4 List of billionaires
4.4 UHNWIs – Centimillionaires
4.4.1 Centimillionaire volume trend analysis
4.4.2 Centimillionaire wealth trend analysis
4.4.3 Centimillionaire per capita net worth trend analysis
4.4.4 List of top centimillionaires
4.5 UHNWIs – Affluent millionaires
4.5.1 Affluent millionaire volume trend analysis
4.5.2 Affluent millionaire wealth trend analysis
4.5.3 Affluent millionaire per capita net worth trend analysis
4.6 Core HNWIs
4.6.1 Core HNWI volume trend analysis
4.6.2 Core HNWI wealth trend analysis
4.7 Core HNWIs – Mid-tier millionaires
4.7.1 Mid-tier millionaire volume trend analysis
4.7.2 Mid-tier millionaire wealth trend analysis
4.7.3 Mid-tier millionaire per capita net worth trend analysis
4.8 Core HNWIs – Lower-tier millionaires
4.8.1 Lower-tier millionaire volume trend analysis
4.8.2 Lower-tier millionaire wealth trend analysis
4.8.3 Lower-tier millionaire per capita net worth trend analysis
5 Analysis of Nigerian HNWI investments
5.1 Analysis by Asset Class
5.1.1 Trends in alternative assets
5.1.2 Trends in “art, wine and wheels”
5.1.3 Trends of investments in real estate
5.1.4 Trends of investments in cash and deposits
5.1.5 Trends of investments in fixed income
5.1.6 Trends of investments in equity
5.1.7 Trends of investments in business interests
5.2 Analysis of Foreign Investments
5.2.1 Trend of investments in Europe
5.2.2 Trend of investments in North America (including Caribbean & Bermuda)
5.2.3 Trend of investments in Asia-Pacific region
5.2.4 Trend of investments in the rest of Africa
5.3 Alternative Breakdown: Liquid vs. Investable Assets
5.4 Analysis of Nigerian UHNWI investments
6 The Wealth Sector in Nigeria
6.1 Competitive Landscape
6.1.1 Family offices
6.2 Wealth Management Industry – Clientele Model and Maturity
6.3 Behavioral Mapping of Wealth Management Industry in Nigeria
6.3.1 Pension Fund Industry
7 Luxury Sector in Nigeria
7.1 Luxury Cars
7.2 Luxury Food Stores
7.3 Luxury Brand Stores
7.4 Luxury Liquor
8 Appendix
8.1 Regulations
8.1.1 Taxation
8.1.2 Exchange controls
8.1.3 Rules for non-residents
8.2 Key Economic Trends and Drivers
8.2.1 LC to USD exchange rate
8.2.2 Real GDP growth
8.2.3 GDP per capita
8.2.4 Domestic market capitalization
8.2.5 Housing price indices
8.2.6 Commodity index
8.2.7 Inflation rate
8.2.8 Interest rate
8.2.9 Stock market performance
8.3 Wealth breakdowns
9 About New World Wealth

LIST OF FIGURES

Figure 1: HNWI wealth band definitions
Figure 2: Map of Nigeria
Figure 3: Asset Price Performance, 2007–2013
Figure 4: Nigerian HNWI Performance, 2007–2017
Figure 5: HNWIs – Nigeria vs The World, 2007–2017
Figure 6: HNWIs – Growth Factor Correlation, 2007–2013
Figure 7: HNWIs – Volume Distribution Wealth Pyramid, 2013
Figure 8: HNWIs – Wealth Distribution Wealth Pyramid (% share), 2013
Figure 9: HNWIs – Age Distribution, 2013
Figure 10: UHNWIs – Wealth Share Vs Volume Growth, 2007–2013
Figure 11: UHNWIs – Volume by Wealth Band, 2007–2017
Figure 12: UHNWIs – Wealth by Wealth Band (in US$ billion), 2007–2017
Figure 13: UHNWIs – Distribution by Industry, 2013
Figure 14: Billionaires – Market Overview, 2007–2017
Figure 15: Centimillionaires – Market Overview, 2007–2017
Figure 16: Affluent Millionaires – Market Overview, 2007–2017
Figure 17: Mid-Tier Millionaires – Market Overview, 2007–2017
Figure 18: Lower-Tier Millionaires – Market Overview, 2007–2017
Figure 19: HNWIs – Asset Class Composition, 2007–2017
Figure 20: HNWIs – Trends of Investments in Alternative Assets (in US$ billion), 2007–2017
Figure 21: Global: Trends in “Art, Wine and Wheels”
Figure 22: HNWIs – Foreign Investment Allocation and Growth by Asset Class (%), 2013–2017
Figure 23: HNWIs – Global Distribution of Foreign Investments, 2007–2017
Figure 24: HNWIs – Liquidity Breakdown (%), 2007–2017
Figure 25: HNWIs – Liquidity Breakdown (%), 2007–2017
Figure 26: UHNWIs – Asset Class Composition, 2007–2017
Figure 27: Wealth Management Industry Pyramid
Figure 28: Nigerian Wealth Management Industry – Behavioral Mapping, 2013
Figure 29: LC to USD Exchange Rate, 2007–2017
Figure 30: Real GDP Growth (%), 2007–2017
Figure 31: GDP Per Capita, 2007–2017
Figure 32: Domestic Market Capitalization
Figure 33: Housing Price Index (US$ terms), 2007–2013
Figure 34: Commodity Indices, 2007–2017
Figure 35: Inflation rate, 2007–2017
Figure 36: Interest Rate, 2007–2017
Figure 37: Stock Market Performance (US$ terms), 2007–2013
Figure 38: HNWI Wealth vs GDP Ratio, 2007–2017
Figure 39: HNWIs – Volume by Wealth Band, 2007–2017
Figure 40: HNWIs – Wealth by Wealth Band (in US$ Billion), 2007–2017
Figure 41: HNWIs – Per Capita Net Worth (US$ million), 2007–2017

LIST OF TABLES

Table 1: HNWI wealth band and group definitions
Table 2: Largest regions in Nigeria by population, 2013
Table 3: Largest regions in Nigeria by GDP, 2013
Table 4: Largest cities in Nigeria by population, 2013
Table 5: HNWIs – Volume Distribution Wealth Pyramid, 2013
Table 6: HNWIs – Wealth Distribution Wealth Pyramid (% share), 2013
Table 7: HNWIs – Top Nigerian Cities for millionaires, 2013
Table 8: HNWIs – HNWI Population Density in Major Cities, 2013
Table 9: Billionaires – Market Overview, 2007–2017
Table 10: Billionaire List, 2013
Table 11: Billionaire Wealth Change, 2012 - 2013
Table 12: Centimillionaires – Market Overview, 2007–2017
Table 13: Centimillionaire List, 2013
Table 14: Affluent Millionaires – Market Overview, 2007–2017
Table 15: Mid-Tier Millionaires – Market Overview, 2007–2017
Table 16: Lower-Tier Millionaires – Market Overview, 2007–2017
Table 17: HNWIs – Allocations of HNWI Assets (%), 2007-2017
Table 18: HNWIs – HNWI Holdings Growth (%), 2007–2017
Table 19: HNWIs – Allocations of HNWI Assets (US$ billion), 2007-2017
Table 20: HNWIs – Trends of Investments in Alternative Assets (%), 2007–2017
Table 21: HNWIs – Alternative Asset Composition (%), 2007–2017
Table 22: Global: Trends in “Art, Wine and Wheels”
Table 23: Global: Prime Residential Real Estate Prices (US$ per square meter), 2013
Table 24: Global: Prime International Cities Performance (%), 2007–2013
Table 25: HNWIs – % Foreign allocation, 2007–2017
Table 26: HNWIs – Liquidity Breakdown (US$ Billion), 2007–2017
Table 27: UHNWIs – Allocations and Share of HNWI Assets, 2013
Table 28: Local Private Banks, 2013
Table 29: Foreign Private Banks operating in Nigeria, 2013
Table 30: Foreign Private Banks that have expressed interest in Nigeria, 2013
Table 31: Luxury Brand Stores in Nigeria, 2013
Table 32: Upcoming Luxury Brand Stores in Nigeria, 2013
Table 33: Tax Structure for Individuals in Nigeria, 2013
Table 34: LC to USD Exchange Rate, 2007–2017
Table 35: Real GDP Growth, 2007–2017
Table 36: GDP Per Capita, 2007–2017
Table 37: Domestic Market Capitalization
Table 38: Housing Price Index (US$ terms), 2007–2013
Table 39: Commodity Indices, 2007–2017
Table 40: Inflation rate, 2007–2017
Table 41: Interest Rate, 2007–2017
Table 42: Stock Market Performance (US$ terms), 2007–2013
Table 43: HNWI Wealth to GDP Ratio, 2007–2017
Table 44: Appendix One
Table 45: Appendix Two
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- Barclays (ABSA Wealth)
- Citibank
- Credit Suisse
- Fidelity Bank
- First Bank
- GT Bank
- Hugo Boss
- Porsche
- Stanbic IBTC Bank
- Standard Chartered
- UBS
- United Bank of Africa
- Zegna
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