Nairobi ranked fifth in African cities with most wealthy individuals

A new survey has ranked Nairobi fifth in terms of the number of dollar millionaires in the African continent.

The city with a population of 4.4 million has 5,000 high-net-worth individuals (HNWI) with at least $1 million (Ksh120 million), the report by research firm New World Wealth and Henley & Partners shows.

Nairobi home to billionaires

The 2022 Henley Global Citizens Report for the third quarter also shows that the city hosts 40 multi-millionaires, who have a net worth of more than $10 million (Ksh1.2 billion), and 11 centi-millionaires, who are worth more than $100 million (Ksh12 billion).

There are no dollar billionaires in Nairobi.

Also, the number of dollar millionaires in Nairobi dropped by 7 per cent. The decline could be attributed to the current economic hardships driven by inflation.

South Africa ranks top in Africa

South Africa's business hub Johannesburg is ranked number one in Africa with 15, 200 dollar millionaires, followed by Egypt's capital Cairo which boasts of 7,800 HNWIs.

Another South African city, Cape Town, also featured on the list of wealthy individuals with 6,800 HNWIs followed closely by Nigeria’s capital, Lagos, which has 6,300.

However, on the global stage, no African city made it to the top 20 cities with the most wealthy individuals.

US cities dominated the top 20 list with New York leading the pack with 345,600 HNWIs, followed by Tokyo and the San Francisco Bay Area with 304,900 and 276,400, respectively.

Henley & Partners Chief Executive Juerg Steffen noted that 14 of the top cities are in countries that host formal investment migration progammes and actively encourage foreign direct investment in return for residence or citizenship.

“The right to live, work, study, and invest in leading international wealth hubs such as New York, London, Singapore, Sydney and Toronto can be secured via residence by investment. Individuals of talent and means should not limit their lives and business interests to one country,” Dr Steffen said.

“Being able to relocate yourself, your family, or your business to a more favourable city or have the option to choose between multiple residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients,” he said.