The presence of dollar millionaires within a country’s population is not merely a reflection of individual wealth; it carries substantial implications for the overall economic health and development of the nation. The rise in the number of dollar millionaires signifies the growth of a prosperous class, which can contribute significantly to various sectors, foster innovation, and stimulate economic activities.
Countries with a significant number of dollar millionaires often experience robust economic growth. These high-net-worth individuals (HNWIs) possess substantial financial resources, which they are more likely to invest in local businesses, startups, and innovative ventures.
Their investments can lead to job creation, technological advancements, and overall economic expansion. Dollar millionaires act as catalysts for investment, fueling entrepreneurial spirit and attracting both domestic and foreign capital. There is also the aspect of philanthropy, which helps alleviate poverty and ease the economic distress of the disenfranchised citizens in said regions.
According to the Africa Wealth Report 2023, which the below list is based on, done by Henley & Partners, the global leader in residence and citizenship by investment, in partnership with wealth intelligence firm New World Wealth, “the ‘Big 5′ wealth markets in Africa, South Africa, Egypt, Nigeria, Kenya, and Morocco, together account for 56% of Africa’s high-net-worth individuals and over 90% of the continent’s billionaires.”
By a significant margin, South Africa tops the list of the Top 10 richest nations in Africa in terms of the number of wealthy residents. Also, given Mauritius’ tiny size and sparse population, its high ranking is especially noteworthy.
In Africa, the total number of high-net-worth individuals has decreased by 12% from 2012 to 2022. Poor growth in South Africa, Egypt, and Nigeria, the continent’s three major markets, limited performance.
Additionally, prior to 2019, Ethiopia and Ghana both saw strong growth in their millionaire populations. However, recent hardships have slowed these countries’ 10-year growth rates. Regardless, Africa still has a fair amount of millionaires across the continent, and below are 10 countries that house the most.
Lagos to London One Way Ticket No More N800k as Airlines Adjust Prices to Match Naira Depreciation
Nigerians looking to travel abroad will have to save more money to buy flight tickets as airlines adjust their ticket prices according to the naira exchange rate
A six-hour flight from Lagos to London that used to cost between N800,000 and N1.2 million may now be sold for N2 million depending on the time of booking
The National Bureau of Statistics’ recent report revealed that 2.21 million international passengers were recorded in 2021
Foreign and local airlines have adjusted their airfare to reflect the drop in the naira’s value in the official foreign exchange market.
This development follows the Central Bank of Nigeria (CBN)’s decision to float the naira and the directive to commercial banks to sell foreign currencies at market-determined rates.
The cost of travelling by air has gotten more expensive.
Punch reports that the International Air Transport Association (IATA) platform has decided to adjust its exchange rate for pricing tickets in Nigeria from 663.04/$ to N770/$.
As a result, one-way economy class tickets on international routes from Nigeria could be sold for as high as N2 million, no longer N800,000.
The new IATA Rate of Exchange (IRoE), registered by the Global Distribution System (GDS), showed that a six-hour Lagos-London economy class ticket now sells for between N1.3 million to N2.5 million, depending on the airline of choice, place, and time of booking, Leadership reports.
While business class tickets to London from Lagos now go for as high as N3.36 million to N4.8 million.
BusinessDay also confirms this development, stating that travelling to various destinations is set to rise by over 50%.
Providing insights into the adjustments, Susan Akporiaye, the President of the National Association of Travel Agents of Nigeria (NANTA), clarifies that tickets are currently being sold at the exchange rate determined by the Investors’ and Exporters’ (I&E) window.
She noted: “Tomorrow, prices may drop, or may even go higher. Currently, the prices of tickets cannot be determined until they are purchased. The N770/$ is the highest the exchange rate has gone so far.”
Kebbi tops list of states with highest airfare in Nigeria
Meanwhile, other Nigerian airline operators have increased the price of travelling from one part of the country to another.
The most expensive route to fly is Kebbi to Abia, with some airfares costing as much as N80,000
The development comes at a time when travelling by air is heightened as Nigerians looking to escape the insecurity challenges on the highway.
Source: Legit.ng
