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Nairobi emerges regional hotbed of dollar millionaires

Nairobi Expressway. PHOTO | State House

The number of High Net Worth Individuals in Kenya could reach 12,960 within a decade from the current 7,200 according to a new report tracking wealth in Africa with majority residing in Nairobi City.

Kenya is currently the fourth largest host of individuals with net worth of more than $1 million (Ksh 131m) boasting of 7,200 dollar millionaires, 16 centi-millionaires and no dollar billionaire.

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According to the 2024 Africa Wealth Report by Henley and Partners, Nairobi was the home to 61pc of wealthy Kenyans at 4,400 with others residing in Mombasa and other towns.

“Solid growth of over 80%+ is also projected in Lusaka and Mombasa. Cape Town is on track to overtake Johannesburg to become Africa’s wealthiest city by 2030. We expect several major Johannesburg-based companies to move their head offices to Cape Town over the next decade, which should help to drive wealth growth in the city,” said Andrew Amoils, Head of Research at New World Wealth.

South Africa is still home to many wealthy individuals in Africa with 37,400 millionaires, 102 centi-millionaires, and 5 billionaires followed by Egypt with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires.

Nigeria emerged third with 8,200, 23 centi-millionaires and 3 billionaires.

Other countries with HNWI include Morocco with 6,800, Mauritius 5,100, Algeria 2,800, Ethiopia 2,700, Ghana 2,700, and Namibia 2,300.

However, according to Henley and Partners, Africa registered a 20pc decline in its millionaire population to 135,200 due to migration to other high income countries such as the UK, the USA, Australia, the UAE, France, Switzerland, Monaco, Portugal, Canada, New Zealand, and Israel.

“According to our latest figures, approximately 18,700 high-net-worth individuals have left Africa over the past decade (2013 to 2023). There are currently 54 African born billionaires in the world, including one of the world’s richest, Elon Musk, but only 21 of them still live on the continent,” added Amoils.

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