A study has ranked Nairobi as the wealthiest city in the East African region and the sixth in Africa attributed to its attraction of high net worth individuals.
According to New World Wealth and AfrAsia from Mauritius, Nairobi came sixth in Africa after Durban, Cape Town, Cairo, Lagos, and Johannesburg.
South Africa featured three cities on the top five of the wealthiest cities in the continent led by Durban, Cape Town, and Johannesburg.
Nairobi is said to have private wealth of about 5.4 trillion shillings as the city continues to attract individuals and corporations who invest in various sectors such as financial, retail, tourism, real estate among others.
The study also ranked Nairobi as the most expensive city in East Africa with space one-meter square going for an average of 190,000 shillings.
Dar es Salaam is the second wealthiest city in East Africa with 2.5 trillion shillings worth of private wealth. Kampala is third with 1.6 trillion shillings of wealth that are privately owned.
Here is a list of the top 10 wealthiest cities in Africa:
- Durban
- Cape Town
- Cairo
- Lagos
- Johannesburg
- Nairobi
- Luanda
- Pretoria
- Casablanca
- Accra
Wealthiest people are, however, found in Mauritius with an average wealth of 32,700 US Dollars per person followed by South Africa. According to the report, the total wealth held by Africa has spiked by 13 percent in a period of 10 years and by three percent in one year with Mauritius coming top.
The report estimates that in the next ten years, Mauritius, Ghana, Rwanda, and Uganda will be the strongest performing wealth markets in Africa. This means Kenya risks being left in the cold if proper economic and investment policies will not be rolled out soon.
According to the report, the wealth growth in South Africa, Angola, Morocco, Egypt, Ivory Coast, Tanzania, and Nigeria will be less favorable, but still positive in future.