Kenya’s Capital Nairobi is home to 75.8 percent of Kenya’s billionaires, a new wealth report shows.
According to an annual study of Africa’s wealthiest people by Mauritius-based AfrAsia Bank, about 250 of 330 Kenyans with a net worth of at least $10 million (Sh1.08 billion) reside in Nairobi.
Overall, 26 Kenyans dropped out of the ultra-rich list in 2020 from 356 in 2019 and 370 in 2017. The drop was attributed to the Covid-19 pandemic which has disrupted businesses across Africa.
AfrAsia Bank noted that Africa’s super-rich persons dropped by nine percent last year.
In the capital city Nairobi, the number of billionaires dropped by 10, accounting for 38 percent of individuals whose net assets fell below $10 million(Sh1.08 billion).
According to the Africa Wealth Report, Kenya ranks fourth among countries with the highest concentration of billionaires in Africa.
South Africa topped the list with 1,930 billionaires followed by Egypt (810) and Nigeria (460).
In the cities’ ranking, Nairobi emerged sixth in the continent.
— Additional Reporting by Business Daily