Nigerian millionaires will climb by 47 per cent in the next four years, this is according to a report by New World Wealth.

The number of Nigerians with investable assets of at least 1 million US dollars will jump 23 thousand by 2017.

The report that was released earlier this week also said that the growth in high net worth individuals is linked to the country’s GDP, the local equity market and the local real estate amongst other factors.

“We look at a number of factors, we look at trends in the market, the historical growth factors, we look at GDP growth going forward, the forecast on that and we try make estimates on how we think the property market and the real estate market is going to perform,” Andrew Amoils, Analyst at New World Wealth told CNBC Africa.