According to a new Henley and Partners report, Nairobi is the fifth wealthiest city in Africa.
It comes after Johannesburg (South Africa) was ranked first on the continent, Cairo (Egypt) was ranked second, Cape Town was ranked third, and Lagos (Nigeria) was ranked fourth.
Kenya’s capital has eleven (11) centi-millionaires, or people worth more than Sh12 billion ($100 million), according to the 2022 New World Wealth report.
However, Nairobi does not have any one-dollar billionaires.
According to the report, there are 240 people worth more than Sh1.2 billion ($10 million) who are classified as multi-millionaires.
Approximately 5,000 people have a net worth of more than Sh120.4 million, rounding out the composition of the High Net Worth Individuals (HNWIs).
“Of the 25 cities with fastest growing-millionaire population, 12 are in countries that host formal investment migration programs and actively encourage foreign direct investment in return for residence or citizenship rights,” the firm said in its ranking methodology.
Five African cities were named among the 25 cities in the world with the fastest-growing millionaire population. They are Lusaka, Zambia’s capital, Lagos, Luanda, Angola, Abuja, Nigeria, and Marrakesh, Morocco.
The cities’ growth in the six months to June 30 was attributed to the oil and gas industries in their respective countries, according to the firm.
New York, Tokyo, San Francisco Bay Area in the US, London and Singapore are ranked as the Top Five cities in the world with a high number of wealthy people.
