He has no enemies, but is intensely disliked by his friends.

The epigram turns the usual social metric—having “enemies”—inside out. Wilde suggests that a person may be so bland, opportunistic, or quietly aggravating that they never provoke open hostility from outsiders, yet still inspire strong resentment among those closest to them. The joke depends on paradox: “no enemies” sounds like a virtue, but the punchline implies a deeper failure of character or intimacy. It also satirizes polite society’s tendency to avoid frank conflict while allowing private contempt to fester, implying that the absence of declared enemies can mask a more corrosive kind of unpopularity.