Kenya Has 8,400 Dollar Millionaires… Fourth in Africa

August 20, 2013
by
[Photo||Mutua Matheka]

A new report by an Oxford-based wealth consultancy firm, New World Wealth, shows that Nairobi is one of Africa’s cities with the highest number of dollar millionaires. 

The survey shows that Nairobi was home to 5,000 people with a net worth of over Sh87 million. 
Cities ahead of Kenya’s capital are: 

Johannesburg – 23,400
Cairo – 12,300
Lagos – 9,800
Cape Town – 9,000

A large concentration of high-net-worth individuals (HNWI) in a city, is seen to reflect its economic strength. 

The population of Nairobi’s rich is expected to grow by 6.3 percent annually to about 8,100 by 2020. 

Kenya is placed 4th in Africa, with 8,400 dollar millionaires last year. 
The top three countries are as follows.

South Africa – 48,800 millionaires
Egypt – 23,000
Nigeria – 15,900

The report further puts the number of individuals in Nairobi with wealth exceeding $30 million (2.6 billion) at 65.
Among them are Chris Kirubi, Manu Chandaria, James Mwangi and Baloobhai Patel (a director of Pan Africa Insurance).

This is the list of the 10 top cities in Africa.

City                                              Country                    No. of dollar Millionaires


1.  Johannesburg                    South Africa              23, 400


2.  Cairo                                Egypt                       12, 300


3.  Lagos                               Nigeria                      9, 800


4.  Cape Town                        South Africa               9, 000


5.  Nairobi                                   Kenya                           5, 000


6.  Durban                              South Africa               2, 700


7.  Casablanca                        Morocco                    2, 700


8.  Pretoria                             South Africa               2, 500


9.  Luanda                              Angola                      2, 400


10.  Algiers                             Algeria                      2, 300

Additional reporting by Business Daily
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