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.
Additional reporting by Business Daily