Kenya’s Capital city Nairobi boasts over 5000 dollar millionaires, a new report by Henley & Partners indicates.
According to the report by the London-based investment migration consultancy firm, Nairobi has over 5000 high-net-worth individuals (HNWIs) who have Sh120 million ($1 million) and above.
This puts Nairobi in fifth place among cities in Africa with the highest number of dollar millionaires.
Henley & Partners also showed that there are 240 multi-millionaires with a net worth of more than $10 million+(Sh1.2 billion) and 11 centi-millionaires who are worth more than $100 million(Sh12 billion) in Nairobi.
Nairobi however does not have a dollar billionaire.
Further, the number of dollar millionaires in Nairobi has fallen 7 percent in the six months to June.
According to the Africa Wealth Report 2022, which was released by the same firm in April, Kenya has 8,500 dollar millionaires.
This means that Nairobi is home to 59 percent of Kenya’s high-net-worth individuals (HNWIs).
In Africa, South Africa’s business hub Johannesburg tops the list with 15,200 dollar millionaires, 800 multi-millionaires, 28 centi-millionaires, and two-dollar billionaires.
Egypt’s capital Cairo comes second with 7,800 HNWIs; 420 multi-millionaires, 28 centi-millionaires and 4 dollar billionaires.
South Africa’s Cape Town boasts the third largest concentration of wealthy individuals in Africa with 6,800 HNWIs followed by Nigeria’s Lagos which has 6,300.
Unortunately, no African city made it to the list of top 20 cities globally with the highest number of dollar millionaires.
The list was dominated by US cities, led by New York, which is home to 345,600 HNWIs.
Tokyo and the San Francisco Bay Area complete the top three with 304,900 and 276,400 HNWIs respectively.