Nigeria 2014 Wealth Book

Date: March 10, 2014
Pages: 118
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US$ 4,995.00
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Publisher: WealthInsight
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: NE8238FD358EN
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Nigeria 2014 Wealth Book
Synopsis

This report is the result of WealthInsight’s extensive research covering the high net worth individual (HNWI) population and wealth management market in Nigeria.

Summary

This report reviews the performance and asset allocations of HNWIs and Ultra HNWIs in Nigeria. It also includes an evaluation of the local wealth management market.

Scope
  • Independent market sizing of Nigeria HNWIs across five wealth bands
  • HNWI volume, wealth and allocation trends from 2009 to 2013
  • HNWI volume, wealth and allocation forecasts to 2018
  • HNWI and UHNWI asset allocations across 13 asset classes
  • Geographical breakdown of all foreign assets
  • Alternative breakdown of liquid vs. investable assets
  • Number of UHNWIs in major cities
  • Number of wealth managers in each city
  • City wise ratings of wealth management saturation and potential
  • Details of the development, challenges and opportunities of the Wealth Management and Private Banking sector in Nigeria
  • Size of the Nigeria wealth management industry
  • Largest domestic private banks by AuM
  • Detailed wealth management and family office information
  • Insights into the drivers of HNWI wealth
Reasons To Buy
  • The WealthInsight Intelligence Center Database is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the database comprises dossiers on over 75,000 HNWIs from around the world.
  • The Intelligence Center also includes tracking of wealth and liquidity events as they happen and detailed profiles of major private banks, wealth managers and family offices in each market.
  • With the Database as the foundation for our research and analysis, we are able obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management universe in each of the countries and regions we cover.
  • Report includes comprehensive forecasts to 2018.
  • Also provides detailed information on UHNWIs in each major city.
Key Highlights
  • There were 16,686 HNWIs in Nigeria in 2013. These HNWIs held US$90 billion in wealth, and wealth per capita was US$1,725.
  • In 2013, Nigerian HNWI numbers rose by 4.9%, following a increase of 4.7% in 2012.
  • Growth in HNWI wealth and volumes are expected to improve over the forecast period. The total number of Nigerian HNWIs is forecast to grow by 7% to reach 18,481 in 2018. HNWI wealth will grow by 27% to reach US$123 billion by 2018.
  • In 2013, Nigerian HNWIs held 17.2%, equal to US$15 billion, of their wealth outside their home country, which is below the global average of 20–30%.
1 INTRODUCTION

1.1 Details of this Report
1.2 Definitions

2 EXECUTIVE SUMMARY

3 WEALTH SECTOR FUNDAMENTALS

3.1 Political Background
3.2 Economic Background
3.3 Social Background
3.4 Benchmarking Nigeria’s Wealth in Context
  3.4.1 Distribution of wealth in Nigeria
3.5 HNWI Volume and Wealth Trends

4 FINDINGS FROM THE WEALTHINSIGHT HNWI DATABASE

4.1 Trends in HNWI Wealth to 2018
  4.1.1 HNWI trend analysis
  4.1.2 Wealth band trends
  4.1.3 Demographic breakdown of HNWIs
  4.1.4 HNWIs – job titles
  4.1.5 HNWIs – industry breakdown
  4.1.6 HNWIs – industry performance
  4.1.7 HNWIs – breakdown by city
  4.1.8 HNWIs – city performance
  4.1.9 HNWIs – city population densities
  4.1.10 HNWIs – city forecasts
  4.1.11 HNWIs – breakdown by state
  4.1.12 HNWIs – state performance
  4.1.13 HNWIs – state population densities
4.2 UHNWIs
  4.2.1 UHNWI volume trend analysis
  4.2.2 UHNWI wealth trend analysis
  4.2.3 Demographic breakdown of UHNWIs
  4.2.4 UHNWIs – industry breakdown
  4.2.5 UHNWIs – city breakdown and performance
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
4.5 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
4.7 Core HNWIs – Mid-Tier Millionnaires
  4.7.1 Mid-tier millionnaire 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
4.9 Analysis of Nigerian HNWI Investments
  4.9.1 Analysis by Asset Class
  4.9.2 Trends in alternative assets
  4.9.3 Trends in ‘art, wine and wheels’
  4.9.4 Trends of investments in real estate
  4.9.5 Investments trends in cash and deposits
  4.9.6 Investments trends in fixed income
  4.9.7 Investment trends in equity
  4.9.8 Investment trends in business interests
4.10 Analysis of Foreign Investments
  4.10.1 Investments in Europe
  4.10.2 Investments in North America (including the US, Mexico and the Caribbean)
  4.10.3 Investments in Asia-Pacific
  4.10.4 Investments in Central and South America
  4.10.5 Investments in the Middle East
  4.10.6 Investments in Africa
4.11 Alternative Breakdown: Liquid vs. Investable Assets
4.12 Analysis of Nigerian UHNWI Investments

5 COMPETITIVE LANDSCAPE OF THE WEALTH SECTOR

5.1 Competitive Landscape
  5.1.1 Private banks
  5.1.2 Wealth managers
  5.1.3 Family offices
  5.1.4 Financial advisors
5.2 Developments in the Nigerian Private Banking Industry
5.3 Wealth Management and the Private Banking Industry
5.4 Nigerian Wealth Management Industry – Clientele Model and Maturity
5.5 Behavioral Mapping of Wealth Management and Private Banking in Nigeria
5.6 Porter’s Five Force Analysis – the Wealth Management Industry

6 APPENDIX

6.1 Additional Components of the Nigerian Wealth Sector
  6.1.1 Philanthropy
  6.1.2 Demand for intergenerational wealth transfer
  6.1.3 Availability of human resources
6.2 Tax Regulations
6.3 Regulations Related to Immigration, Investment and Employment
6.4 Key Drivers
  6.4.1 NGN to US$ exchange rate
  6.4.2 Real GDP growth
  6.4.3 Per capita GDP
  6.4.4 Domestic market capitalization
  6.4.5 Commodity index
  6.4.6 Foreign direct investments – inflow and outflow
  6.4.7 Inflation
  6.4.8 Interest rate
  6.4.9 Balance of payments
  6.4.10 Government debt
  6.4.11 Stock market performance
6.5 Wealth Breakdown

7 ABOUT WEALTHINSIGHT

LIST OF FIGURES

Figure 1: HNWI Wealth Band Definitions
Figure 2: Map of Nigeria
Figure 3: Nigerian Asset Price Performance, 2009–2013
Figure 4: Nigerian HNWI Performance, 2009–2018
Figure 5: Nigerian vs Global HNWIs
Figure 6: Nigerian HNWIs – Growth Factor Correlation, 2009–2013
Figure 7: Nigerian HNWIs – Volume Distribution Wealth Pyramid, 2013
Figure 8: Nigerian HNWIs – Wealth Distribution Wealth Pyramid (%), 2013
Figure 9: Nigerian HNWIs – Age Distribution (%), 2013
Figure 10: Nigerian HNWIs – Job Titles, 2009–2013
Figure 11: Nigerian HNWIs – Distribution by Industry (%), 2013
Figure 12: Nigerian HNWIs – City Performance, 2009–2013
Figure 13: Nigerian HNWIs – City Numbers, 2009–2013
Figure 14: Nigerian HNWIs – City Forecasts, 2014–2018
Figure 15: Nigerian HNWIs – City Numbers, 2014–2018
Figure 16: Nigerian UHNWIs – Wealth Share vs Volume Growth (%), 2009–2013
Figure 17: Nigerian UHNWIs – Volume by Wealth Band, 2009–2018
Figure 18: Nigerian UHNWIs – Wealth by Wealth Band (US$ Billion), 2009–2018
Figure 19: Nigerian UHNWIs – Age Distribution (Percentage Share), 2013
Figure 20: Nigerian UHNWIs – Distribution by Industry (%), 2013
Figure 21: Nigerian Billionaires – Market Overview, 2009–2018
Figure 22: Nigerian Centimillionaires – Market Overview, 2009–2018
Figure 23: Nigerian Affluent Millionaires – Market Overview, 2009–2018
Figure 24: Nigerian Mid-Tier Millionaires – Market Overview, 2009–2018
Figure 25: Nigerian Lower-Tier Millionaires – Market Overview, 2009–2018
Figure 26: Nigerian HNWIs – Asset Class Composition, 2009–2018
Figure 27: Nigerian HNWIs – Trends in Alternative Assets (US$ Billion), 2009–2018
Figure 28: Nigerian Trends in ‘Art, Wine and Wheels’, 2009–2013
Figure 29: Nigerian HNWIs – Foreign Investment Allocation and Growth (%), 2013
Figure 30: Nigerian HNWIs – Global Distribution of Foreign Investments, 2009–2018
Figure 31: Nigerian HNWIs – Liquidity Breakdown (%), 2009–2018
Figure 32: Nigerian UHNWIs – Asset Class Composition, 2009–2018
Figure 33: Nigerian Wealth Management Industry – Maturity Level of Operators
Figure 34: Nigerian Wealth Management Industry – Behavioral Mapping, 2013
Figure 35: Nigerian Wealth Management Industry – Five Forces Analysis
Figure 36: NGN to US$ Exchange Rate, 2009–2018
Figure 37: Nigerian Real GDP Growth (%), 2009–2018
Figure 38: Nigerian GDP per Capita (US$), 2009–2018
Figure 39: Nigerian Domestic Market Capitalization (US$ Billion), 2009–2013
Figure 40: Nigerian Commodity Indices, 2009–2018
Figure 41: Nigerian Foreign Direct Investments (US$ Billion), 2009–2018
Figure 42: Nigerian Inflation Rate (%), 2009–2018
Figure 43: Nigerian Interest Rate (%), 2009–2018
Figure 44: Nigerian Balance of Payments (US$ Billion), 2009–2013
Figure 45: Nigerian Government Debt as a Percentage of GDP (%), 2009–2018
Figure 46: Nigerian Stock Market Performance, 2009–2013
Figure 47: Nigerian HNWI Wealth vs GDP Ratio (%), 2009–2018
Figure 48: Nigerian HNWIs – Volume by Wealth Band, 2009–2018
Figure 49: Nigerian HNWIs – Wealth by Wealth Band (US$ Billion), 2009–2018
Figure 50: Nigerian HNWIs – Wealth per Capita (US$ Million), 2009–2018

COMPANIES MENTIONED

Diamond Bank Plc
Ecobank Nigeria Plc
Enterprise Bank
Fidelity Bank Plc
First Bank of Nigeria Plc
First City Monument Bank Plc
Guaranty Trust Bank Plc
Key Stone Bank
MainStreet Bank

With $US90 billion held in wealth by HNWIs in Nigeria in 2013, growth and volumes are expected to improve over the forecast period (2014-2018).

Nigerian HNWIs - As sot Class Composition. 2009-2018
Nigerian HNWIs - As sot Class Composition. 2009-2018 

Despite unfavorable world economic conditions, the wealth management industry in Nigeria is expanding. With US$283.4 billion in wealth, the industry is attractive for the development of both local and foreign institutions. 

Much of the growth in Nigeria’s wealth management and private banking sector over the past decade has been driven by massive growth in personal wealth and the number of HNWIs and UHNWIs in the country.

However, rising unemployment rates, poor economic prospects, high levels of debt and corruption have led to a wealth imbalance. Over the forecast period, experts expect private banks and institutions to reinforce and expand their operations as well as allocate more resources to better understand their client base and provide high-level services to their clients.

HNWI wealth and volume growth rates are expected to improve over the forecast period. The total number of HNWIs is forecast to grow by 7%, and HNWI wealth will grow to reach US$120 billion by 2018.  HNWI volumes, in both Nigeria and the rest of the world, fell in 2009. Despite this, Nigerian HNWIs outperformed the global HNWI average during the majority of the review period.

The material was prepared in March, 2014.

LIST OF TABLES

Table 1: HNWI Wealth Band and Group Definitions
Table 2: Cities in Nigeria, 2013
Table 3: Nigerian HNWIs – Volume Distribution (%), 2013
Table 4: Nigerian HNWIs – Wealth Distribution (%), 2013
Table 5: Nigerian HNWIs – Industry Performance, 2009–2013
Table 6: Nigerian HNWIs – Cities, 2013
Table 7: Nigerian HNWIs – Growth in Top Cities, 2009–2013
Table 8: Nigerian HNWIs – Population Density in Major Cities, 2013
Table 9: Nigerian HNWIs in Top Cities, 2009–2018
Table 10: Nigerian HNWIs – Growth Rates for Top Cities, 2009–2018
Table 11: Nigerian HNWIs by State, 2013
Table 12: Nigerian HNWIs – State Performance, 2009–2013
Table 13: Nigerian HNWIs – Population Density in States, 2013
Table 14: Nigerian UHNWIs – Gender Performance, 2009–2013
Table 15: Nigerian UHNWIs – Source of Wealth (%), 2013
Table 16: Nigerian UHNWIs in Top Cities, 2009–2018
Table 17: Nigerian UHNWIs Growth Rates for Top Cities, 2009–2018
Table 18: Nigerian Billionaires – Market Overview (US$ Billion), 2009–2018
Table 19: Top Seven Nigerian Billionaires (US$ Billion), 2013
Table 20: Nigerian Billionaire Wealth Growth, 2009−2013
Table 21: Nigerian Centimillionaires – Market Overview, 2009–2018
Table 22: Nigerian Affluent Millionaires – Market Overview, 2009–2018
Table 23: Nigerian Mid-Tier Millionaires – Market Overview, 2009–2018
Table 24: Nigerian Lower-Tier Millionaires – Market Overview, 2009–2018
Table 25: Nigerian Allocations of HNWI Assets, 2009–2018
Table 26: Nigerian HNWIs − Holdings Growth (%), 2009–2018
Table 27: Nigerian HNWIs – Alternative Asset Composition (%), 2009–2018
Table 28: Nigerian HNWIs – Trends of Investments in Alternative Assets (%), 2009–2018
Table 29: Nigerian Trends in ‘Art, Wine and Wheels’, 2009–2013
Table 30: Global Prime Real Estate Prices per m2 (US$), 2012
Table 31: Nigerian HNWIs – Foreign Investment Allocations (%), 2009–2018
Table 32: Nigerian HNWIs – Liquidity Breakdown (US$ Billion), 2009–2018
Table 33: Nigerian HNWIs – Liquidity Breakdown (%), 2009–2018
Table 34: Nigerian UHNWIs – Allocations and Share of HNWI Assets, 2013
Table 35: Leading Domestic Private Banks in Nigeria by AuM (US$ Million), 2013
Table 36: Nigerian Wealth Managers, 2013
Table 37: Nigerian Income Tax Bands (NGN), 2013
Table 38: NGN per US$ Exchange Rate, 2009–2018
Table 39: Nigerian Real GDP Growth (%), 2009–2018
Table 40: Nigerian GDP per Capita (US$), 2009–2018
Table 41: Nigerian Domestic Market Capitalization (US$ Billion), 2009–2013
Table 42: Nigerian Commodity Indices, 2009–2018
Table 43: Nigerian Foreign Direct Investments (US$ Billion), 2009–2018
Table 44: Nigerian Inflation Rate (%), 2009–2018
Table 45: Nigerian Interest Rate (%), 2009–2018
Table 46: Nigerian Balance of Payments (US$ Billion), 2009–2013
Table 47: Nigerian Government Debt as a Percentage of GDP (%), 2009–2018
Table 48: Nigerian Stock Market Performance, 2009–2013
Table 49: Nigerian HNWI Wealth vs GDP Ratio (%), 2009–2018
Table 50: Nigeria – Appendix One
Table 51: Nigeria – Appendix Two

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