Nairobi has been ranked fifth among the African cities hosting a majority of African-dollar millionaires.
According to a recent report by Henley & Partners, approximately 5,000 high-net-worth people (HNWIs) with Ksh120 million ($1 million) reside in Nairobi. Around 240 multi-millionaires ($10 million+) and 11 centi-millionaires ($100 million+) also reside in the city.
According to the survey, Johannesburg, the financial centre of South Africa, has the most HNWIs in Africa with 15,200, followed by Cairo, the capital of Egypt, with 7,800.
“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,” Henley & Partners Chief Executive Juerg Steffen said.
He noted that the majority of the world’s top 20 wealthiest cities are located in nations that have formal investment migration programs in place and actively attract foreign direct investment in exchange for residence or citizenship.
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No African city was among the top 20 worldwide in terms of the number of millionaire residents.
With 345,600 HNWIs, New York, the most populated city in the US, has the highest concentration of billionaires in the world. Tokyo and the San Francisco Bay Area are next with 304,900 and 276,400, respectively.
The Henley Global Citizens Report monitors trends in the flow of private money and investments from high-net-worth investors and their advisors to business people and policymakers wishing to take advantage of residency or citizenship through investment programs.
The number of dollar millionaires in Nairobi, on the other hand, fell 7% in the last six months highlighting the economic problems that investors face in an inflationary environment.
According to the Africa Wealth Report 2022, which was published in April by the same company, 8,500 people in Kenya are dollar millionaires. This confirms Nairobi’s position as Kenya’s economic centre and indicates that 59% of the country’s HNWIs reside there.
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