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Nairobi ranked 5th cities with most million dollar in Africa

A report by Henley and Partners has ranked Nairobi City at fifth among Africa’s cities with the most millionaires. Nairobi comes after Lagos, Cape Town, Cairo and Johannesburg.

According to the report, Nairobi has 5,400 High Networth Individuals (HNWIs) with over $1 million (KSh. 120,500,000). Data from the National Treasury also reveals that Mombasa has 800 such individuals. The two cities boast a combined wealth of over $55 billion (KSh. 6.6 trillion).

The report also indicates that Nairobi also has 240 multi-millionaires with a net worth of more than $10 million (KSh. 1.2 billion) and 11 centi-millionaires with a net worth of more than $100 million (KSh. 12 billion).

“Nairobi is becoming a main economic hub in East Africa thanks to growth of industries like financial services, real estate and tourism,” the report says.

The report further indicates that Africa is home to some of the world’s fastest growing markets, with total private wealth on the continent presently over USD 2 trillion and predicted to climb by 38% over the next decade.

“The ascent of new wealth economies, along with megacities and the diversification of wealth-creating sources are just some of the exciting trends that are driving the generation and flow of capital across the continent,” the report reads.

Kenya experienced a rapid increase in overall wealth, which increased by 43% over a ten-year period.

Globally, the wealthiest cities are New York, Tokyo, Japan, the San Francisco Bay Area, London, and Singapore, owing to their active support of foreign direct investment in exchange for resident or citizenship privileges.