• Tuesday, 28 May 2024
Nairobi ranked fourth city in Africa with the highest number of millionaires and billionaires

Nairobi ranked fourth city in Africa with the highest number of millionaires and billionaires

A wealth report on Africa has revealed the number of billionaires and millionaires in Nairobi who have a net worth of Ksh130 million (USD 1 million) and above.

In the Africa Wealth Report 2024 by Henley and Partners, it was revealed that 4,400 residents of Nairobi have a net worth ranging between Ksh130 million and Ksh13 billion.

On the other hand, those who have a net worth of over Ksh13 billion in Nairobi are only 10.

"East Africa’s economic engine, Nairobi is home to some of Africa’s oldest and most well-established luxury residential neighbourhoods. It accounts for a high 48 per cent of Kenya’s total wealth and over 60 per cent of the country’s millionaires.

"Unlike other cities near the equator, Nairobi is known for its mild and temperate climate the city is located at an altitude of around 1,800 meters above sea level, which helps to keep temperatures there relatively cool," read the report in part.

Notably, Nairobi was ranked as the fourth city with the highest number of millionaires and billionaires. This number was recognised to have grown by 25 per cent between 2013 to last year.

Kenya's capital was ranked after South Africa's Johannesburg and Cape Town. Cairo of Egypt was ranked third.

"Cape Town contains many of Africa’s most opulent residential suburbs, including “New World Wealth’s Prime 7,” which comprise Clifton, Bantry Bay, Camps Bay, Bishopscourt, Constantia, Llandudno, and St. James. The city is currently benefiting from the ongoing ‘semigration’ of large numbers of HNWIs from other parts of South Africa (especially Johannesburg and Pretoria).

"It is also an increasingly popular retirement destination for migrating millionaires from Europe and the rest of Africa. Cape Town is on track to overtake Johannesburg to become Africa’s wealthiest city by 2030," read the report in part.

Overall, the report indicated that 7,200 Kenyans were millionaires with a net worth of over Ksh130 million.

On the other hand, there are only 16 centi millionaires (those with Ksh13 billion net worth and above) in the entire country.

Regarding the growth of the wealthy in Kenya, it was noted that the 7,216 figure was a 30 per cent increment from figures recorded in 2013.

Notably, Kenya does not have an individual with a networth of over Ksh130 billion (USD 1 billion).

Meanwhile, among the wealthiest countries, Kenya came fourth after South Africa, Egypt and Nigeria.

Countries following Kenya in the millionaires club are Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ethiopia (2,700), Ghana (2,700), and Namibia (2,300).

"Going forward, over the next decade (to 2033), the likes of Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda, and Rwanda are all expected to experience 80%+ millionaire growth," added the report in part.

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