Nigeria Wealth Report 2016
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Nigeria’s emergence as the biggest economy in Africa has made it an attractive destination for private banking, but the sector is still is in its early stages and is much less developed in comparison to established centers like the UK, Switzerland and Singapore. This is one of the major reasons behind the preference of Nigerian HNWIs to keep most of their wealth in these centers. This scenario is likely to change as Nigerian private banking improves, and private banks are able to cater to the needs and expectations of Nigerian HNWIs.
The Nigerian economy is to a large extent dependant on crude oil exports for its growth; with the crude oil price falling for the past two years growth in the energy sector has taken a hit, along with growth in HNWI numbers. However, with crude oil prices starting to appreciate, HNWI numbers and their wealth are expected to rise, which may provide more opportunities for Nigeria’s private banking industry.
Prior to 2005, no Nigerian banks featured in the top 20 banks of Africa, but the reforms undertaken during the global crisis helped Nigerian banks such as Access Bank, First Bank of Nigeria Holding, Guaranty Trust Bank, Zenith Bank, United Bank of Africa and Ecobank Transnational to be among the 20 largest banks in the continent.
Scope
• An evaluation of the local wealth management market
• Analysis of HNWI volume, wealth and allocation trends between 2011 and 2015
• HNWI volume, wealth and allocation forecasts to 2020
• An examination of HNWI and UHNWI asset allocations across 13 asset classes
• A geographical breakdown of all foreign assets
• An alternative breakdown of liquid versus investable assets
• Data on the number of HNWIs in major Nigerian cities with forecasts to 2020
• Insights into the key drivers of HNWI wealth in Nigeria
• An independent market sizing of Nigeria’s HNWIs across five wealth bands
• Information on private banks in Nigeria
• A detailed overview of the local economy
• Wealth management and family office information
Key Highlights
How many HNWIs are there in Nigeria? How much wealth in US$ billion do they hold between them?
By what percentage did the volume of Nigerian HNWIs decrease in 2015? How does this compare to the figures for the preceding year?
What is the percentage growth forecast for HNWIs in Nigeria? What is the projected total of HNWIs by 2020? By what percentage is their wealth forecast to grow? What is the anticipated total in US$ billion?
Reasons to Buy
• Analyze five Nigerian wealth bands and identify the preferences for wealth management services in each of these respective segments. Identify new growth opportunities whilst minimizing your exposure to risk
• Investigate the asset allocations of HNWIs and ultra-HNWIs, including projections of their volume, wealth and asset allocations to 2020. Determine any substantial growth over the forecast period and ensure your value proposition is aligned to increase your market share
• Assess the private banking and wealth management sector in Nigeria and ensure your business decisions are based on the most current market information
• Evaluate HNWI volumes in each major city to target prospects more effectively and drive your revenue growth
Zenith Bank
Access Bank
First Bank of Nigeria
Standard Chartered Bank Nigeria
Citibank Nigeria Ltd
Fidelity Bank Plc
Barclay Bank Plc
ARM
BridgePoint Asset Management Ltd
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Frequently asked questions
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